If there’s one thing us Brits can do, it’s start up a business. According to the City A.M, 2018 saw more than 216,000 new businesses register in the greater London area alone; a 6.45% increase from 2017.
However, the challenge many SME’s face is to ensure they can grow to become sustainable during ongoing political uncertainty. The upcoming General Election is quickly causing a stir among the private sector, with many unsure what the future holds for SME’s.
With Boris allegedly selling out the country and Jeremy Corbyn allegedly turning it into Venezuela, it’s no surprise that understanding the outcome of the election is a proverbial minefield. So, what does the result of the General Election mean for UK SME’s? Think Business Loans, commercial finance broker, reveals all.
The private sector has proved its worth
Despite every hurdle, the private sector has proved its worth in times of uncertainty. At the start of 2019, there were more than 5.8 million SME’s in the UK, with the private sector swelling the business population by an additional 3.5%.
But while they’re titled ‘small to medium enterprises’, the typical UK SME is thought to be worth more than £2.9million. It’s safe to say that SME’s will continue to prove its worth to the UK economy, overcoming any political outcome that lies ahead.
Helping SME's grow
It’s a dream for many SME’s to ditch the start-up brand and join the scale-up club. However, the ongoing circus of Brexit has meant all other issues in the country have been paused until December 12th; including the assistance of SME’s.
Each political manifesto reveals their desire to assist SME’s with growth, with experts anticipating big market changes to help pivot upcoming products and services. However, that’s not to say that a crisis isn’t on the horizon. While the proverbial stiff upper lip and cup of tea might be believed to be a valuable solution to most British problems, it doesn’t solve the funding crisis many SME’s face on a daily basis.
Using a commercial finance broker
When it comes to finding the right financial product to suit your business, it’s vital to use a trusted commercial finance broker to help you find the best product value. At Think Business Loans, we believe that SME’s deserve fair access to funding, without the overcomplicated jargon. That’s why we provide a variety of financial solutions to small and medium enterprises, by combining human expertise and world beating technology.
If you would like more information on how Think can find you the right business loan, request a call back with one our lending managers today.
Jessica Court graduated from the University of Portsmouth in 2017 with a bachelor’s degree in Media Studies. She has previously worked within the In... Explore Author