Major UK SME Concerns in 2023 Revealed in Report Released by European Fintech iwoca #
iwoca, the European fintech, has released its SME Expert Index, highlighting that a third of experts surveyed named increased business running costs as small businesses' top concern.
The report is based on UK finance brokers who submit more than 2,000 SME finance applications per month. The index also reveals that over a tenth of experts were concerned about higher interest rates and having to close their business. Additionally, access to finance, the ability to hire or retain staff and the threat of a recession were also identified as potential concerns. Although the Chancellor’s budget aims to provide additional support for small businesses, iwoca stated that businesses are still searching for financial support to help them during periods of uncertainty.
While forecasts for the UK economy are more positive than expected, the reality on the ground for many SMEs will still be difficult, characterised by high costs and reduced consumer spending. iwoca offers various lending products, including an omni-channel B2B payment solution with built-in BNPL, a Flexi-Loan, and a Revenue-Based Loan. The company also provides free mental health support for all small businesses in the UK in partnership with online therapy platform Spill.
The SME Expert Index is released every quarter to capture the experience of brokers working with small businesses.