Lending to small businesses hits all-time low, with six in ten impacted by late payment   

New findings from quarterly Small Business Index (SBI) has warned that banks ‘are pulling up the drawbridge’ to small firms will further stifle economic growth as its new SBI study shows successful finance applications plunging over the first quarter of this year. Fewer than one in ten (9%) small firms applied for finance in Q1…

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Late payments applying pressure to small firms

Small businesses are under increasing pressure, with delays in payments and staff shortages on the rise, according to research by accountancy software firm Xero. The data reveals that late payment times continue to surge. In February, small businesses had to wait an average of 30.5 days to be paid by their customers from when an…

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Three in five businesses are owed money from late payments

Three in five (58 per cent) small or medium enterprises (SMEs) across the UK are currently waiting on late payments from customers, according to research from Barclays surveying 500 small business owners. For medium sized enterprises with 50 to 249 staff, those waiting on late payments rises to more than nine in ten (94 per…

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Over a third of businesses spend up to 75% of time chasing late payments

Over a third of businesses (32%) spend up to 75% of their time chasing overdue debts when that time would be better spent in advising their sales teams on who to do business with or not in the first place. An online survey conducted by Debt Register, a digital payment platform, found that almost a…

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