Money & Finance

Half of UK Start-Ups Rejected for Finance Told they Hadn’t Been Trading for Long Enough

Study finds 44% of small businesses are self-funding to raise necessary capital Almost half of the UK’s small and medium businesses rejected for finance were turned down because they hadn’t been trading for long enough, according to a new study by invoice finance provider Bibby Financial Services. Surveying over 1,000 businesses, the research found that 44% of start-ups had used their own savings or borrowed money from friends or family after being turned down for funding from banks and investors. The study also found that in the last year alone one in five small and medium enterprises have been rejected for funding. Bibby Financial Services CEO, David Postings, discussed the research: “Accessing finance is still a challenge for a large number of viable businesses. “The fact that half of t... »