In news this week, there has been a great deal of dissatisfaction among SMEs with the services their bank provides for them. This includes a lack of access to loans, unclear fees and insufficient cross-border services.
A startling preference among UK SMEs for staying in the EU has also been revealed.
Feature of the Week
75% of SMEs favour EU membership | Labmate Online
A recent survey has shown that as many as three quarters of rapidly expanding small businesses intend to vote to stay in the EU in the upcoming referendum.
Accounting for nearly half of UK revenue per annum, SMEs have an important perspective on the UK’s relationship with Europe. The freedom of access to European markets and exporting possibilities are essential to the continued growth, and job-creation potential, of small and medium-sized businesses.
Employers not offering flexible working | Smallbusiness.co.uk
Three fifths of employees claim they are not encouraged to work flexibly, resulting in a significant decrease in productivity, creativity and motivation.
A new study has shown that a large number of employers will only consider flexible working if their employees come to them to ask. This is despite the Flexible Working Law which was passed on June 30th 2014, giving all employees the right to request flexible working after 26 weeks’ employment service, which was expected to change attitudes.
1 million SMEs unable to get loans | BM Magazine
A survey has shown that over one million SMEs looking for loans have been shunned by banks. Furthermore, 1 in 20 of those who were refused a traditional loan did not then seek funding from elsewhere, meaning a potential 73,000 businesses never came into fruition. Forty per cent of business owner claimed to have turned to family members and other sources for financial support.
Self-employment more attractive than ever | SME Insider
In the last quarter of 2015, it was revealed that self-employment was at a high of 4.66 million, and on the rise.
Self-employment increased by 154,000 in the last three months of last year, compared with the same period in 2014, the Office of National Statistics found.
In recent times, unemployment has fallen to 1.69 million, painting an optimistic picture for the UK economy.
SME Globalisation held back by banks | PYMNTS
UK SMEs are increasingly dissatisfied with the service they’re getting from their banks, a new survey claims, with recent research suggesting that more than half of SMEs using a bank agree that their bank does not fully understand their cross-border payments and foreign exchange needs.
The bank fees related to these services are also unclear, according to a majority of SMEs.