Lending to Companies Increases, But Small Businesses Yet Again Left Disadvantaged
Recently, statistics were released that show an increase in bank loans to businesses in the third quarter of 2011. This is the product of an agreeement between the UK government and banks to help promote investment in the ailing UK economy, and so far it seems to be working: there was an increase of £4 billion raised through loans in 2011. However, the news is not all good news: loans to small and medium-sized businesses were down by £2 billion in the same period.
This, therefore, suggests that small businesses are struggling to get funding to grow and prosper. For many, this is troubling news indeed, not least amongst small business owners. The news not only signifies a downward trend, but it also destroys confidence. If people are uncertain about whether a small business will be profitable in the future, they may be reluctant to start one in the first place.
Small businesses are encouraged, however, not to be too disheartened by the news,
'There are still plenty of opprtunities to secure funding,' Said Gary Graham, analyst for BAC, continuing, 'Small and Medium businesses can secure investment by either utilising bank loans or securing private investment. For a small businesses with an idea that is extremely promising, there is a tough decision to make in choosing between the two. On the one hand, the business can be in a large amount of debt to a bank. If the idea fails, the business has this debt burden regardless of level of success. Whereas with investment, the risk is transferred to the investors - though the business will have to give up some equity in the business.'
These, Mr. Graham argues, are just two opportunities for funding selected froma list of opportunities. The others include self-financing, remortgaging, selling portions of the business and the simple option of saving and waiting to finance the operation entirely from business reserve capital. However, these options are either too risky or too time-consuming to be a viable option for most.
The solution, therefore, is to be persistent, argues Mr. Graham,
'If one has a good idea and has confidence in that idea, then try your best to make it work.'
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