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33% of SMEs see access to credit worsen
Access to finance remains a serious problem for small businesses, despite the Bank of England pumping £200bn into the economy to boost money supply and stimulate lending, according to data released by the British Chambers of Commerce (BCC).
The BCC's latest Monthly Business Survey found that 33% of companies reported that accessing finance had been more difficult over the last three months. This compares with the same question asked in June, when 20% of businesses believed access to finance had worsened.
Furthermore, the number of firms reporting an improved access to finance situation fell - dropping from 6% in June, to just 3% in the latest survey.
"It is clear that the huge sums that have been injected into the financial system by quantitative easing are still not reaching small and medium-sized businesses in anything like the scale required for business to invest for future success," said David Frost, Director General of the BCC.
Post Date: November 13th, 2009
The BCC's latest Monthly Business Survey found that 33% of companies reported that accessing finance had been more difficult over the last three months. This compares with the same question asked in June, when 20% of businesses believed access to finance had worsened.
Furthermore, the number of firms reporting an improved access to finance situation fell - dropping from 6% in June, to just 3% in the latest survey.
"It is clear that the huge sums that have been injected into the financial system by quantitative easing are still not reaching small and medium-sized businesses in anything like the scale required for business to invest for future success," said David Frost, Director General of the BCC.
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Post Date: November 13th, 2009
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