For some time we''ve been stating the obvious, that the UK''s SMEs are crucial to our nation''s economic recovery. We are pleased to see that, at last, it seems that the Government agrees.
Only by reducing the barriers businesses currently face can the country be driven forward and away from the prolonged downturn, and George Osborne''s Budget would suggest the Government''s beginning to consider the lifeblood of our economy.
"The government promised to help small business get access to lower interest rates. Today, we deliver on that promise with a nationwide scheme." That's what Chancellor George Osborne said yesterday as the National Loan Guarantee Scheme (NLGS) was launched.
Cabinet Minister Francis Maude has revealed that the government is on course to more than double its expenditure with small and medium-sized firms from 2010 levels by the end of the month. This, combined with recent figures from the Asset Based Finance Association, will hopefully go some way towards easing some of the most common cash flow problems facing SMEs at present.
It's no secret that businesses of all sizes are finding it more difficult than ever to access traditional funding, required in order to meet their day-to-day commitments and invest in growth. But are they looking in the right place?
Are you relying on an overdraft to fund your business? Is the inflexible nature of your overdraft restricting the amount of cash you can access? Could your business do with a financial boost?
It’s a challenge that thousands of small and medium-sized businesses have encountered in recent times, but help is at hand. By releasing up to 90% of an invoice's value within 24 hours, invoice finance can provide an immediate cash injection for your business to help bridge the gap between billing and getting paid – commonly experienced when trading on credit terms. Invoice finance comes in several forms, including factoring and invoice discounting, ensuring facilities can be tailored to a range of requirements.