Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Politics News

SMEs bring forward finance plans in order to beat further interest rate rises

by
August 8, 2022
in Politics News
0
SMEs bring forward finance plans in order to beat further interest rate rises
0
SHARES
10
VIEWS
Share on FacebookShare on Twitter

Small businesses are bringing forward their finance applications in order to beat expected further interest rate rises, according to new research.

Four-in-ten (44%) SME leaders expect to bring forward their finance plans in response to the prospect of further rate hikes. It follows the Bank of England’s decision to raise the base rate to 1.75%, with further action expected in the coming months.

Decision-makers at SMEs are therefore keen to lock in lower rates while they can. Overall, more than a third (35%) of small firms expect to apply for finance in the next year, with many looking to grow their businesses.

SMEs are understandably keen to lock in the most favourable rates possible, however some decision makers have concerns about access to finance.  Nearly a third (32%) believe it will be harder for their businesses to access finance because of higher interest rates. A similar proportion (30%) say they plan to avoid new borrowing altogether. That is despite the overwhelming majority (81%) having successfully applied for finance previously.

Business loans, whether from high street (28%) or specialist lenders (28%), are the leading form of borrowing for those SME decision-makers who expect to apply for finance in the next year. However, concerningly, some expect to borrow for their business with a credit card (23%), personal loan (25%) or overdraft (21%).

Close Brothers’ research indicates an encouraging trend from SMEs, with many planning to execute finance plans to invest in the coming year. It’s vital that SMEs understand the finance options available to them rather than relying on personal funds or borrowing. Specialist lenders are well placed with the expertise and knowledge to guide businesses during this process.


ShareTweetPin

Related Posts

Usain Bolt moves to trademark signature victory pose
Politics News

Usain Bolt moves to trademark signature victory pose

August 23, 2022
London to get new airport as Manston is cleared for take-off
Politics News

London to get new airport as Manston is cleared for take-off

August 23, 2022
Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience
Politics News

Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience

August 23, 2022
British Airways to cancel further flights up to the end of October
Politics News

British Airways to cancel further flights up to the end of October

August 23, 2022
Microsoft in trademark row with UK children’s reading firm Word Windows
Politics News

Microsoft in trademark row with UK children’s reading firm Word Windows

August 23, 2022
Crypto fraud revenues drop 65% following market meltdown
Politics News

Crypto fraud revenues drop 65% following market meltdown

August 23, 2022
Next Post
Putin’s Ukraine war has three lessons for global food supplies

Putin’s Ukraine war has three lessons for global food supplies

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

UK economy falls deeper into the red shrinking 0.3% in April with Sunak admitting ‘challenges’

UK economy falls deeper into the red shrinking 0.3% in April with Sunak admitting ‘challenges’

June 13, 2022
UK Finance reports lending trends for SMEs getting back to normal

UK Finance reports lending trends for SMEs getting back to normal

June 13, 2022
Ukraine, Russia trade blame for nuclear plant shelling amid global alarm

Ukraine, Russia trade blame for nuclear plant shelling amid global alarm

August 9, 2022
How To Create Powerful Videos For Your Small Business

How To Create Powerful Videos For Your Small Business

August 15, 2022
Police efforts vs cyber-crime to be strengthened

Police efforts vs cyber-crime to be strengthened

July 11, 2022
SEC moves to cancel company registration over ‘Ponzi’-like daily promise of 3-5% returns

SEC moves to cancel company registration over ‘Ponzi’-like daily promise of 3-5% returns

June 6, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.