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One in five of UK SMEs halt economic growth
One in five ( 20 %) UK SMEs are being hampered in their growth and finance ambitions by their levels of existing financial pressures , revealed by ACCA UK ( the Association of Chartered Certified Accountants ) and The Corporate Finance Network ( CFN ).
This figure rises to 30 % in London specifically , with 25 % predicted to not survive rising costs and rates over the next 12 months . The survey , which polls accountancy professionals on the financial outlook of their SMEs clients , has revealed that mounting financial pressures such as surging inflation , heightened supply chain issues , the energy crisis and complications gaining access to finance are piling up on UK SMEs , causing severe interruptions to their long-term ability to grow .
UK SMEs are fighting for their survival as they attempt to put measures in place to become more financially resilient in the face of supply chain disruptions and the challenges of late payments .
Business Impact NW , Small Business Administration and Amazon to help SMEs
Business Impact Northwest ( BINW ) and Amazon are joining forces to help small businesses prosper as they recover from the challenges of COVID-19 .
Leveraging SBA , Business Forward ’ s National Small Business Digital Alliance and Amazon ’ s digital business tools , BINW will provide growthenabled business resources and educational workshops as part of a Small Business Digital Accelerator Programme to help advance equitable and inclusive growth in Washington , USA .
The programme will support small businesses and entrepreneurs across Washington who are interested in becoming online sellers or looking to optimise e-commerce .
The programme is targeting 50 small businesses to participate .
“ Small businesses need assistance to recover after the pandemic and Amazon is happy to provide resources to help them grow ,” said Taylor Hoang , Head of Community Engagement , Amazon in Seattle , Washington .
“ We are excited to help Washington entrepreneurs thrive through this partnership .”
Funding Circle and DreamSpring to increase capital access for small business owners
Funding Circle , one of the nation ’ s leading online small business loans platforms , and DreamSpring , a nonprofit community development financial institution ( CDFI ), have launched a new partnership to increase access to funding for small business owners in underserved communities . The new partnership aligns with both organisations ’ shared commitment to advancing entrepreneurship and innovation by providing equitable access to capital to small businesses .
Through this Lending-as-a-Service programme , DreamSpring will be able to expand its distribution and impact throughout the nation and originate more loans faster and at a lower cost , all while ensuring a seamless experience for customers . DreamSpring small business customers who apply through the co-branded application portal will receive one-on-one support from a dedicated Funding Circle account manager , an approval decision in a matter of hours and access to funds in as few as 48 hours .
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