Two-thirds (65%) more businesses are experiencing difficulty in accessing finance from high-street banks than they were in 2022 as mainstream lenders pull away from the SME market, according to new data from Sonovate, the leading provider of embedded finance and payment solutions for the contingent workforce.
These challenges are now so acute that two in five (39%) UK businesses say that, due to funding being so hard to access, they are worried about the future of their organisation. This is a bleak picture, particularly when considered within the wider economic context of rocketing interest rates which are having a devastating impact on British businesses.
