As interest rates continue to soar, small and medium-sized enterprises (SMEs) are facing a challenging road ahead. However, there is a glimmer of hope on the horizon. Recent research conducted by Simply Asset Finance, a specialist business lending provider, has revealed that SMEs are seeking more resources and support to navigate the changing landscape successfully.
One startling revelation from the study is that nearly half of SMEs in the UK (48%) are unaware of where to find the necessary support for their businesses. This lack of awareness highlights the urgent need for a revamp of the available support systems.
Listening to the needs of SMEs across the country, their priorities have become evident. The top policy change that would have a significant impact on businesses is increased assistance with rising energy bills and utility costs (33%). Additionally, better accessibility to government grants or loans (29%) and a reduction in corporation tax or corporate tax relief (26%) are also critical areas of concern.
When it comes to supporting growth specifically, SMEs are focusing on local investment. They call for more investment to facilitate regional projects (34%). Tax incentives are also considered essential, whether it be for regional project work (29%), regional hiring work (28%), or regional research and development (R&D) work (27%).
Mike Randall, CEO of Simply Asset Finance, emphasizes the importance of government action. He suggests that making it easier for SMEs to invest in asset purchases, such as through expense deductions, could have a transformative impact. Furthermore, extending the Recovery Loan Scheme or introducing a similar program would provide SMEs with much-needed certainty and confidence to invest in their futures.
However, the role of financial partners cannot be overlooked. Lenders must step up their services and actively seek ways to support SMEs, including providing clarity on various funding options like asset finance. Unlocking the full potential of SME growth will require collaboration between industry and government.
This critical period presents new opportunities for SMEs to adapt, innovate, and thrive. With the Autumn Statement just around the corner, all eyes are on the government to demonstrate its unwavering support for UK businesses.
1. Why are SMEs seeking more support?
SMEs are seeking more support due to high interest rates and the need to navigate a challenging business environment successfully.
2. What are the top priorities for SMEs in terms of policy changes?
The top priorities for SMEs regarding policy changes are increased support for rising energy bills and utility costs, better accessibility to government grants or loans, and a reduction in corporation tax or corporate tax relief.
3. How can the government support growth for SMEs?
The government can support SME growth through increased local investment and the provision of tax incentives for regional projects, hiring, and research and development.
4. What actions can financial partners take to support SMEs?
Financial partners must enhance their services and provide clarity on various funding options, including asset finance, to support SMEs effectively.
– Simply Asset Finance: [simply.finance](https://simply.finance)