Small Businesses Seeking Over £2m Funding Per Day Despite Initial Brexit Fear

The average loan size requested so far during August is £128,000, compared to £73,000 in July and £94,000 in June

Small Businesses Seeking Over £2m Funding Per Day Despite Initial Brexit Fear

Small businesses are attempting to raise more funding now than they were pre-Brexit, according to figures from the National Association of Commercial Finance Brokers (NACFB).

The NACFB’s internal figures revealed that businesses have enquired about more than £20m worth of finance since the beginning of the month – exceeding more than £2m every day and twice the amount reported in August 2015.

The average loan size requested so far during August is £128,000, compared to £73,000 in July and £94,000 in June – suggesting businesses are more confident about life without the EU than previously predicted.

Adam Tyler, chief executive of the NACFB, said:

“Project Fear doesn’t appear to have rattled the small business community. August is typically a quieter month for funding applications, but businesses aren’t procrastinating, and are showing a real appetite for growth, even with the uncertainty surrounding our future relationship with the EU.

“UK small businesses are the lifeblood of this country, but if they’re going to take advantage of the opportunities presented post-Brexit, the alternative funding sector has a vital role to play, particularly as we look to broker new trade agreements with countries outside the EU.”

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