'I was jumping through hoops to get a loan'
She says she made multiple applications to banks trying to borrow anywhere between £5,000 and £50,000, but with no luck.Lucie's experience is far from unique, a report suggests.
The survey, which heard from 12,000 of the group's members, found that just 9% of small firms applied for new finance in the first quarter of 2022. Only around two-fifths of those who did apply were approved, a record low. The FSB also found that around a 10th of small firms planned to close, sell or downsize over the coming year. That equates to more than half a million businesses.The FSB's chair, Martin McTague, warned that without proper funding for small firms economic growth in the country will be stifled.
"Businesses are born every day across the UK - many need funding to get off the ground, ensuring they reach a stage where they're profitable and creating opportunities."Mr McTague said a "culture change" was needed, with lenders taking an objective approach to small business finance.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ban on buy-one-get-one free deals delayed due to cost of living crisisThe government has delayed a ban on buy-one-get-one-free deals for unhealthy snacks due to the cost of living crisis - we really can't have anything huh 😒
Read more »
William and Kate encourage UK to help the lonely with small acts of kindness‘If you think someone you know might be feeling lonely, just give them a ring, send them a text or knock on the door’
Read more »
Glyn Philpot: Flesh and Spirit is more than just one mesmerising painting – reviewThis fascinating exhibition about the British painter has a particular, piquant flavour, says Mark Hudson
Read more »
'Check Your Poo': If You Do One Thing For Deborah James, Do ThisNot enough of us know the symptoms of bowel cancer. Let's learn to spot them.
Read more »
Finding The Light: One Woman On Discovering A New Way To Live After Losing Her SightWidowed at 37, Hannah Cohen was still grieving when her sight began to fail.
Read more »
Baby sensory lights to stimulate your little oneThe best baby sensory lights will stimulate your little ones while also aiding with their sensory development.
Read more »