Contact Us

More than a third of the five-million plus small and medium-sized enterprises (SMEs) in the UK will require external funds in order to grow their business this year, according to a new report for the Department of Business, Innovation and Skills by IFF Research.
 
The report suggests that with little evidence to support the success of proposals such as Project Merlin, Funding for Lending and the Government’s new Business Bank, other financial lending solutions have become critical for small firms.
 
34 per cent of SME owners have confirmed they will need an influx of capital at some stage this year in order to broaden their horizons. Many firms have difficulty obtaining conventional bank loans or cutting through the red tape of the various Government schemes, which have been recently criticised for their lack of publicity.
 
Firms such as Boost Capital are subsequently seeking to enter the market and offer ambitious UK firms with the means to take advantage of growth opportunities.
 
Marc Glazer, CEO of Boost Capital, said: "So many of the UK’s SMEs are struggling to get funding via traditional lenders. Despite government proposals intended to help, we have yet to see any significant impact.
 
"We believe it is essential that SMEs with growth potential have access to financing – without a prolonged, difficult process.
 
"Small and medium-sized businesses are the bread and butter of the UK economy ... Without a much-needed boost, SMEs cannot contribute to the country’s economic recovery that everyone is hoping for."
 
Earlier this week, the Prime Minister’s enterprise advisor, Lord Young, led calls for the age cap for accessing taxpayer-funded loans to be reviewed.
 
Currently entrepreneurs and small business professionals over the age of 30 are ineligible, but Lord Young believes lifting the age cap is another straightforward way of “firing up business growth” throughout the country.

Date published 15 May 2013 | Last updated 15 May 2013

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free consultation

020 3941 2011

Or contact us