Four in ten small businesses face affordable finance challenge

New data from Millbrook Business Finance has found that four in ten (35%)  said access to affordable finance is one of their biggest challenges.

The survey data asked SMEs what the single biggest challenge facing their business right now, with 14% highlighting rising operational costs, whilst 14% noted economic uncertainty, and 13% cited late payments.

A further 11% pointed to high taxes, 7% identified staff recruitment or retention, and 6% mentioned government regulation.

When asked which area would provide the greatest benefit to your business right now, SME priorities shifted slightly, 38 % most want easier access to finance, 29 % flagged lower operational costs, 16 % want faster payments from clients. A further 11 % would benefit from more skilled staff, whilst 6 % said clearer guidance on regulations.

Justin Amos, Managing Director of Millbrook Business Finance, said “These figures speak plainly. Finance is the top concern. SMEs want support in two areas: keeping cash flowing in through faster payments and securing affordable borrowing.

“Costs come next. Almost 30% of businesses say reducing operational costs would bring the greatest benefit. Add economic uncertainty to that, and it’s no surprise firms are cautious about investment, hiring and planning.

“Labour shortages and tax pressures matter, but they are not as urgent as funding, cost and cash flow. Since we set up Millbrook five years ago, we’ve helped hundreds of businesses tackle such issues and obtain the funding they needed to achieve their aims.

“SMEs are asking for practical, workable measures and not promises.”