It was announced recently that the number of new loans to small and medium-sized enterprises (SMEs) increased in the first quarter of 2018.
According to data from UK Finance, in total there were 73,971 approvals between the start of January and the end of March, as opposed to 72,272 for the same period of time last year.
Stephen Pegge, Managing Director of Commercial Finance at UK Finance, commented on this that the heightened demand in both the production and manufacturing industries played a part in the rise. He also said that as banks are currently approving eight in ten applications for finance, SMEs should rightly feel confident about applying for credit to grow and expand their organisations.
Though business loans are not suitable for every company here in Yorkshire and the North East, there are plenty of reasons why many consider them.
An organisation may be experiencing great success and need to upsize, for instance, yet does not have the funds readily available to move office. Likewise, it may require more equipment, have identified an opportunity that it is confident will outweigh the potential debt or be looking to invest in some new talent.
Despite the above, it must be noted that business owners can make mistakes when attaining a loan which is likely to have a knock-on negative effect in the future. Not understanding the terms and conditions, possessing incorrect knowledge of the financials and failing to fully explore options are just three examples of these.
In knowing the impact of financial pressure, the Leeds, Harrogate, Bradford and Darlington-based teams at Walsh Taylor are always on hand to advise you if your company is in a precarious financial position.
To read our case studies on how we have helped others to secure desirable outcomes, please click here.
Alternatively, for more information on our services, feel free to call us today on 03300 244 660.