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1 in 5 entrepreneurs experience difficulties obtaining finance for business needs

 

New research by the FSB reveals that the mainstream banking sector has failed to keep up with changes in the UK market. The report shows that one in five self-employed say that due to the difficulties of obtaining finance for business purposes, it could force business owners back into full time employment. Banks are wary of continuing business with entrepreneurs who have unpredicted or variable incomes due to long term security risks with their finance.

According to self-employed business owners, there are a few common areas where high street lenders make it particularly difficult for them to obtain finance for their business. Research  has shown that 79% think the mortgage application process is more difficult for the self-employed. It is also stated that 19% of people believe that the need for finance from the high street would force them back to full-time employment and 61% of entrepreneurs think that they are unfairly disadvantaged by the high street banks. 

Dave Stallon, Commercial Director of FSB, said: “It’s concerning that hard-working, entrepreneurial people who have decided to go it alone say they will be forced back to work for someone else, for the simple reason that they may not be able to access finance from many banks.”

If you’re an entrepreneur and are looking for a simple way of accessing finance for your business there are specialist finance providers who cater specifically to small business owners.

Quick Capital offer small businesses a hassle-free alternative to a business bank loan in the form of a business cash advance. The repayments are flexible because they are tailored to your income from credit and debit card sales, so you only pay back as you earn from your customers.

This type of finance for businesses is ideal for those who find bank loan applications particularly difficult, as there’s no need for face to face meetings or business plans, the application is completed over the phone in minutes. The whole process is designed to be quick and simple, you’ll have a decision in just 24 hours and your funds can be with you in as little as three working days.

If you’re looking for an alternative way to raise finance for your business, get in contact with an advisor today to see how much you can raise. Visit our website to find out more or call us on 0800 3777 402.

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