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Access to finance 'most pressing issue'

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The latest Access to Finance survey by the European Commission and European Central Bank has revealed that access to finance is the most pressing problem according to 15 per cent of small and medium-sized businesses in the UK.

The research has also revealed the most common source of finance for small and medium-sized businesses is bank funding.

A total of 67 per cent of small businesses in the UK which secured funding received it from the bank with 22 per cent receiving finance from other sources including government and microfinance institutions and 10 per cent securing investment from private individuals.

Overall 15 per cent of small businesses across the EU named access to finance as one of their most pressing problems.

This puts it second after finding customers, which 22 per cent of companies in Europe cited as their biggest issue.

European Commission Vice-President Antonio Tajani, commissioner for industry and entrepreneurship, said: "Since the start of the crisis, evidence has consistently shown that SMEs face large and disproportionate obstacles to accessing the finance they need to survive and thrive."

The survey covered a sample of 15,000 businesses from 37 countries.

Source: Insider Media

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