With the forthcoming suspected interest rate rise, 40% of SME’s admit to having no financial buffer despite having outgoings of over £4k per month.
SME loan approvals has falled from 58% to 43% in the past year. Where SME’s do have something in reserve, the most popular are:-
- 59% Cash Savings;
- 34% Property;
- 23% Overdraft;
- 20% Plant and Machinery; and
- 17% Business Credit Card.
More worrying was the fact that 55% of SME’s admit to paying bills late to ease cash flow issues. 21% admit to doing this monthly.
If you have suppliers who are not paying you then you need to get in touch; we can help you recover what you are due.
Dated: 4 August 2020
*Nothing in this article constitutes legal advice or gives rise to an advisor/client relationship. Specialist legal advice should be taken in relation to your specific circumstances. This article is provided for general information purposes only. Whilst we endeavor to ensure that the information is correct, no warranty, express or implied, is given as to its accuracy and we do not accept any liability for error or omission as it is based upon our interpretation of the law. Please be aware that the legal circumstances may have changed since this article was first published in August 2020 and you should contact us for specific up to date advice on your circumstances.
