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.