Small businesses may struggle to access funding

Posted on 26 May 2015
Share Blog Post
Small businesses may struggle to access fresh funding The Guardian reports on concerns that, if the number of bounce back loans scheme accredited lenders shrinks, there will be a sharp rise in small businesses unable to access funds this winter. The worries stem from Tide being unable to offer any more loans because it is reliant on private investment to fund lending and the company ran out of funds in the summer. Tide is now reviewing formal documents linked to the scheme, and trying to figure out how it might finance the top-ups promised by the UK Government last week. Tide has so far failed to gain access to Bank of England loans to fund further bounce back loans. Mike Cherry, chair of the Federation of Small Businesses, said it was important that struggling businesses are given access to much-needed funds. “Given that many firms applied for bounce back facilities at a time when the extent of disruption was so unclear, it’s vital that the roll-out of the top-up initiative is a su ccess.”

View more blog posts

IR35 holds back economy
Posted on 15 Apr 2024
IR35 holds back economy
read more
HMRC struggling to cope
Posted on 08 Apr 2024
HMRC struggling to cope
read more
HMRC to close phone lines
Posted on 25 Mar 2024
HMRC to close phone lines
read more
More people in higher rate tax
Posted on 18 Mar 2024
More people in higher rate tax
read more
Back To Top
01604 660661