SMEs have faced an unprecedented level of challenge over the past three years. Spiralling costs, supply chain complexity, talent shortages and diminished consumer confidence have impacted businesses across all sectors.
These issues are placing significant pressure on the finances of many businesses. Capify’s most recent Business Confidence Survey found that 76% of SME owners are now worried about the cash they hold, an increase of 25pp on Q2 2023.
On top of this, business owners in the UK are finding it harder than ever to access funding – whether looking for external finance to grow, or simply to keep operations running smoothly.
Indeed, according to the Q3 Business Confidence Survey, 57% of business owners said they would not be confident that their bank would accept an application for a loan.
Helping businesses face the future
To address this, Capify has launched a new £45m SME Loan Fund, designed to support businesses through the final quarter of 2023. Loans are available from between £5,000 and £500,000 and can be used for any business purpose, from preparing extra stock and staff for a busy festive period, to investing in New Year marketing campaigns to get your 2024 off to a flying start. The loans are fixed-rate with no early settlement fees, giving SME owners greater confidence to plan ahead and the flexibility to adjust if they want to pay it back early.
“There are some signs that we may be heading toward the end of this unenviable period of economic difficulty,” says John Rozenbroek, Capify COO/CFO. “But until the recovery begins in earnest, smaller businesses will continue to operate in a perfect storm. Operating under challenging conditions, will put a strain on their finances, which will make it increasingly difficult to access the funding they desperately need. Our new fund will help those businesses get through this period or prepare them for the upturn when it comes”.
As UK Credit Awards’ SME Lender of the Year, Capify is dedicated to providing innovative finance solutions to the UK’s vital and vibrant SME community. For the past 15 years, Capify has helped thousands of SMEs access the funding they need, where traditional lenders won’t.
How to apply
If your business has been trading for over 12 months and a monthly turnover of £10k+, check your eligibility and apply now.
This fund is only available until 31st December, so apply online now and receive your funds in as little as 24 hours.