As the end of a busy October draws closer, SMEs are continuing to prove their hard-work throughout the month highlighted by the fact that “new-work” SMEs – those involved in the creative, professional and digital sectors – are driving success in UK cities and a third of SMEs are seeking finance to promote growth. Please see a roundup of this week’s news:
- A study by Santander Corporate & Commercial has found that personal credit facilities such as credit cards have been used by 13% of senior decision makers in SMEs across the UK. The SME Access to Finance study, which interviewed 683 senior decision makers in UK businesses, also found that 25% were dependent on overdraft facilities in the past year.
- Research by Small Business Outlook 2016 has revealed that the ten UK cities with the highest concentrations of creative “new-work” SMEs are amongst the most successful places in terms of growth, productivity and average wages.
- Fundbird, an online platform that matches SMEs with funding, has released data that reveals the profile of SMBs in the UK seeking finance. The data showed that despite recent negative headlines regarding impact of late payments, 21% of SMEs using the platform were looking for funding to improve cash flow within their business.
Let us know your thoughts on this week’s news. Is your business relying upon personal credit facilities? What is your opinion on new-work SME growth? Have you been seeking finance to improve growth? You can reach us by commenting below or tweeting @Fujitsu_UK or @FujitsuSMELady.