UK Businesses Feeling the Credit Pinch
One in five UK accountants have confirmed that their clients have been refused credit or had funding restrictions imposed in the light of the credit crunch.
Haywards Heath, West Sussex (PRWEB) November 23, 2008 -- The findings, from a survey conducted by Invoice and Asset Based Lender, Venture Finance, provide the first real evidence that UK SMEs are starting to feel the effects of the well-documented economic downturn.
Venture's research also reveals that a quarter of the accountants surveyed believe their clients are more nervous about investing in their business. Forecasts are now showing that the number of business failures is expected to increase by 18 per cent by the end of 2009 so it comes as no surprise that many SMEs are feeling vulnerable.
In the light of the changed economic climate, businesses need to find alternative ways of stabilising cashflow and sustaining working capital. While cost cutting is one way that many businesses are responding to the credit crunch, alternative forms of finance are available to provide security and ongoing business support.
Peter Ewen, Managing Director, Venture Finance comments: "As traditional lenders start to tighten their funding lines it is important for SMEs to recognise that they have other options. Independent invoice financiers often have a better understanding of the challenges faced by SMEs and can plug the funding gap through more flexible finance packages, tailored to business requirements.
"These financial organisations often take a more individual and flexible approach to assessing a business' eligibility for funding, providing greater opportunities than traditional banks that still operate on a 'one size fits all' model."
Venture Finance are a premier independent factoring, invoice finance, invoice discounting and Asset Based Lender with 18 years' experience. Visit venturefinance.co.uk to see how we can help
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