More and more banks are turning away small business owners. The numbers are in and 55% of small business owners who were seeking a loan from their bank were declined and 31% of those owners were given no real reason as to why.
Furthermore, 98% of small business owners currently feel that the government should be doing more to support small businesses, which is leading to a lot of frustration.
The Thoughts Of Small Business Owners
The common feeling amongst small businesses is that the government is constantly making promises to help and encourage small business growth and development, but these promises fall short. They firmly feel that this is evident across all sectors of the business industry and not just certain business types that seem to be being hit hard.
A mere 2% of small business owners stated that they feel the government is doing enough to support them and 46% claimed that they could be doing more.
42% of small business owners also stated that they have never heard of any of the initiatives the government has in place to support small business owners, meaning many business owners feel entirely alone.
Only 33% of small business owners were either able to secure a start-up loan at one point or had heard of them.
From the results of this survey, it’s quite clear that small business owners are facing serious struggles when it comes to getting the financing they need from the banks.
Without financing, small businesses would cease to exist, so unless change takes place, this could really hamper small business growth and development in the country.
Alternate sources of funding are available for small businesses, though many owners are not being educated of these opportunities, thus aren’t taking the steps needed to secure them.
Either way you look at it, the environment is a frustrating one for any small business owner who feels completely alone in the process of trying to grow their business.
If you have been turned down by the banks and would like to learn more about raising business finance speak to our team at Capify.