James Sherwin Smith, CEO of Growth Street, comments on the publication of the BDRC’s SME Finance Monitor Report:
“The latest BDRC SME Finance Monitor Report released this morning shows that SMEs continue to self-fund, with only 6% applying for external forms of finance such as new or renewed loans or overdraft facilities, in the last 12 months.
“Firms are financing their own operations, which is massively reducing their growth potential and are holding cash at a time when bank deposit rates are at a record low.
“More must be done by policy makers to provide greater access to cheaper, more accessible forms of external finance for SMEs. They remain the engine of the British economy so their continued growth is vital to UK PLC’s success.”