Close Brothers Banking Division

Businesses Owners Still Reliant On Bank Of Mum And Dad As The Real Thing Turns Them Down

Businesses Owners Still Reliant On Bank Of Mum And Dad As The Real Thing Turns Them Down

25% of micro-businesses owners still rely on personal savings, family borrowings and credit card loans, to fund growth – according to a report Close Brothers. Banking on Growth: Closing the SME funding gap revealed a disparaging gap between the success rates of lager firms and micro-businesses (those with between one and nine employees) seeking finance from traditional lenders. While 38% of all small businesses have used bank loans to grow, this figure rises to 51% when enterprises with more than 100 workers are considered. Early-stage businesses and start-ups also struggle to gain the trust of banks in the beginning of their journeys, as 37% admit they’ve been refused credit in their first two years of trading. It’s suggested a failure for small businesses to secure funds could hamper lon... »

UK Skills Gap Continues to Cause Small Business Headaches

UK Skills Gap Continues to Cause Small Business Headaches

The UK’s skills gap continues to cause small businesses problems with 31% admitting that at least one of their current employee doesn’t have the skills their business needs, the latest Close Brothers Business Barometer (CBBB) has found. Looking to future growth55% of the businesses surveyed have predicted that they won’t be able to find suitable employees because of a skills shortage in their industry (43%) or region (12%). Despite this concern, of the small firms looking to take on staff in 206, only 5% plan to take on an apprentice. Furthermore, 75% of small businesses were found to not have an apprentice programme in place and over half (52%) don’t plan on launching one. According to the CBBB, which interviewed900 small and medium-sized business owners, the top reason for no... »