Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
Chirag-Shah-Nucleus-new-700x325
March 25 2020

47pc of SMEs struggled with cashflow even before coronavirus crisis

Marc Shoffman Industry News, News, Top 3 Chirag Shah, coronavirus, Nucleus Commercial Finance

Almost half of small- and medium-sized enterprises (SMEs) predicted they had enough money to keep them running for a month, before the coronavirus outbreak hit.

Stark research conducted in February by alternative finance provider Nucleus Commercial Finance showed 47 per cent of SMEs lack a financial buffer.

The data shows that a lack of financial buffer was an issue for businesses across the country, with SMEs in the West Midlands and London more likely than those in any other region to face a financial shortfall.

More than two thirds, 69 per cent, said they were confident about their cash flow prior to coronavirus, six per cent would only be able to last a day, and a further 14 per cent would be able to last up to a week should they suddenly and unexpectedly be unable to trade.

Read more: P2P platforms vow to help SMEs amid coronavirus concerns

Read more: How P2P lenders can slot into government’s SME coronavirus support

“At a time of crisis, having access to finance is crucial,” Chirag Shah, chief executive of Nucleus Commercial Finance, said.

“While recent developments, such as the £330bn of government-backed loans are welcome news for the industry, we need more clarity on how this will help in practice and which businesses it will support.

“Supporting UK PLC is vital to the growth of our economy, and in order to do this government and industry must pull together and work collaboratively.

“We are working hard to process applications as quickly as possible, decisioning 95 per cent of deals within four hours of receiving the full application, to keep up with the increased demand we’re seeing for funding.”

Read more: P2P lenders hope to meet coronavirus loans criteria

Funding Circle tightens lending to mitigate Covid-19 economic uncertainty Grupeer investors facing withdrawal delays

Related Posts

Nausicaa Delfas

Industry News, News, Top 3

FCA’s Nausicaa Delfas named interim head of complaints watchdog

nikhil-rathi-high-res

Industry News, News, Top 3

FCA is developing plans for a “regulated nursery”

city skyline of Birmingham business district, West midlands, UK at dusk

Industry News, News, Top 3

West Midlands joins Innovate Finance Fintech National Network

Popular posts:

  • Business Loan Network appoints administrators
  • Assetz Capital launches new bridging product
  • Funding Circle chief turns down £190,000 pay rise
  • Starling Bank ready to acquire a lending business
  • PwC brings fintechs together for collaboration
  • FCA director says “there is more change to come”
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by