News Article

Bibby Financial Services Survey shows Yorkshire SMEs fail to receive adequate funding

24 per cent of business owners and managers in the Yorkshire region feel that the SME community is doing all it can to drive the economy forward, with 43 per cent blaming the coalition for failing to provide an environment that encourages growth.

The Survey also revealed that just seven per cent of firms are received the amount of funding they applied for in the last 12 months.

The conclusion drawn is that the Government must recognise there is a need to reduce the number of SMEs relying solely on the banks in order to ease the overall flow of funding.   The Yorkshire region must take advantage of alternative funding, such as invoice finance and asset finance, provided by non-bank funders working in conjunction with the banks to offer tailored solutions to local SMEs.

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