Mind the gap in protection for SME finance
- The British Business Bank Small Business Finance Markets Report[i] recently highlighted that while Solicitors rank second to Accountants when SMEs seek advice on new finance, the likelihood of SMEs seeking external advice has grown year on year – the study found that 47% are very likely to pay for independent advice to help them obtain finance. The report also identified a small but significant jump in the percentage of SMEs aiming to grow substantially in 2019. While many business want to focus efforts on debt recovery to aid cashflow, the proportion of SMEs seeking external finance has remained stable with an uplift amongst micro businesses.