More Small Businesses Getting the Business Finance They Need

Small businesses on the hunt for bank finance are seeing a higher success rate in getting a yes than in previous years, with 80% of applicants receiving a positive response.

The survey, carried out by Albion Ventures as part of its annual Growth Report, revealed the success rate had increased from 71% in 2013 to 80% in 2014, a sign that banks are becoming more responsive as the economy improves.
Access to finance has been a prominent concern for UK business owners since the onset of the recession but it seems that the situation is now proving to be less of an issue. The survey found that access to finance now ranks fifth as a key concern for business owners.

However it may be that businesses are being more realistic in their chances of success in getting finance as the report reveals that only 10% of those surveyed said they had applied for funding compared to 17% in 2013. Are they assuming they will get a ‘no’ and so not bothering applying?

But the future is not so bleak when businesses were asked about their plans for the next 12 months. Looking ahead a third said they are planning to raise finance over the coming 12 months with 27% being for business development purposes and 23% to expand their premises.

This move to a more positive reason to raise finance was backed up by a 25% drop in those looking to raise cash to support trading (24% in 2014, down from 32% in 2013); an indication that businesses are moving in the right direction.

The news that businesses are feeling more positive comes on the back of the government announcement that in autumn it will be introducing legislation to force banks to refer businesses which they can’t support to alternative lenders. With small businesses being given more guidance we could see a further increase in the already fairly healthy success rate.

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