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Small businesses are the backbone of the UK economy, with SME’s now accounting for 99.9% of the business population. But despite the evidence that SMEs are the driving force behind a successful economy, many businesses still struggle to obtain the correct financial products to ensure success.

Statistics show that 15% of SME’s struggled to be taken seriously, with a further 18% feeling their application for a business loan had been denied due to personal opinion. With this in mind, Think Business Loans outlines the impressive ways SME’s impact the economy.

4ED4A980-1367-4548-9284-3CBE142D6E3E Created with sketchtool. The UK's largest employer

Despite being small to medium sized businesses, SME’s have a significant impact on the employment rate of the UK. According to Labs, SMEs account for 70% of jobs within the private sector. By providing a broad range of services, SMEs provide a major contribution to the UK economy by keeping the majority of the country’s population in work.

Encouraging Innovation

SME’s are infamous for being small companies with big ideas. That’s why they’re dependable for encouraging innovation in their chosen industry. When Uber first began, it combined technological solutions with ordering on-demand transportation. Since then, the start-up has grown to become a household name, while shaking up its respective industry. As a result, it’s clear that SMEs are able to quickly cultivate innovation, thanks to advances in technology.

4ED4A980-1367-4548-9284-3CBE142D6E3E Created with sketchtool. Providing the UK with more opportunities

Thanks to the growth of technology, SMEs are able to provide more opportunities for those looking to streamline lengthy and difficult processes. But despite SMEs bringing aging industries in line with the 21st century, many still find it difficult to obtain the correct funding they need to grow.

At Think Business Loans, we’re founded on the belief that SME’s deserve access to fair and uncomplicated funding solutions to allow growth and opportunity in the UK. 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 Business Loans can find you the right business loan, request a call back with one our lending managers today.

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Jessica Court

Jessica Court

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