{"id":1343,"date":"2014-09-17T15:42:05","date_gmt":"2014-09-17T15:42:05","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/?p=1343"},"modified":"2014-09-18T12:37:25","modified_gmt":"2014-09-18T12:37:25","slug":"sme-loan-success-rate-up-to-80","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/sme-loan-success-rate-up-to-80\/","title":{"rendered":"SME loan success rate up to 80%"},"content":{"rendered":"<p>Four out of five\u00a0SME loan applications were approved in 2014, compared with 71% in 2013, according to research by venture capital firm Albion Ventures.<\/p>\n<p>Despite these improvements, just 1 in 10 SMEs applied for finance during the past 12 months, down from 17% in the year before.<br \/>\nThe survey of 450 firms revealed a number of changes in the ways SMEs use debt finance over the last year:<\/p>\n<ul>\n<li>the proportion of SMEs seeking credit or investment to fund working capital fell from 32% to 24%<\/li>\n<li>27% of firms raised finance to develop their business over the last year and 23% took out loans to expand their premises<\/li>\n<li>the percentage of SME borrowing done through bank loans and overdrafts fell from 76% to 62%<\/li>\n<li>alternative finance sources such as equity investments from venture capitalist and angel investors (6%) are still far less popular than traditional bank loans.<\/li>\n<\/ul>\n<p>In terms of motivations and expectations, the study also found:<\/p>\n<ul>\n<li>1 in 3 surveyed SMEs plans to raise finance in the next 12 months<\/li>\n<li>85% of the SMEs that did not apply for finance said they didn\u2019t need it, while 7% didn\u2019t want to take on more debt<\/li>\n<li>62% expect growth in the next 2 years while just 3% expect their business to shrink.<\/li>\n<\/ul>\n<p>A separate study conducted by YouGov on behalf of Simply Business found that 52% of small firms have \u00a310,000 or less in cash reserves.<\/p>\n<p>The survey of more than 1,000 small business owners found:<\/p>\n<ul>\n<li>3 in 10 SMEs have \u00a3500 or less<\/li>\n<li>20% have no reserves at all<\/li>\n<li>16% of businesses do not know how much cash they have in reserve<\/li>\n<li>17% don\u2019t know how much their fixed monthly costs are.<\/li>\n<\/ul>\n<p>Jason Stockwood, chief executive of Simply Business, said small businesses were &#8220;\u2026 woefully underprepared for unforeseen circumstances which will prevent trading. Small business owners play a crucial role in the economic recovery, but we must ensure they are not existing so close to the brink.&#8221;<\/p>\n<p><a title=\"Contact Us\" href=\"http:\/\/my-brains.co.uk\/jackross\/contact-us\/\"><strong><em>Contact us for help accessing finance.<\/em><\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Four out of five\u00a0SME loan applications were approved in 2014, compared with 71% in 2013, according to research by venture capital firm Albion Ventures. Despite these improvements, just 1 in 10 SMEs applied for finance during the past 12 months, down from 17% in the year before. The survey of 450 firms revealed a number&hellip;&nbsp;<a href=\"https:\/\/my-brains.co.uk\/jackross\/sme-loan-success-rate-up-to-80\/\" class=\"\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">SME loan success rate up to 80%<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[20],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SME loan success rate up to 80%  - Manchester Chartered Accountants<\/title>\n<meta name=\"description\" content=\"Four out of five\u00a0SME loan applications were approved in 2014, compared with 71% in 2013, according to research by venture capital firm Albion Ventures.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/my-brains.co.uk\/jackross\/sme-loan-success-rate-up-to-80\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SME loan success rate up to 80%  - 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