She says she made multiple applications to banks trying to borrow anywhere between £5,000 and £50,000, but with no luck.Lucie's experience is far from unique, a report suggests.
The survey, which heard from 12,000 of the group's members, found that just 9% of small firms applied for new finance in the first quarter of 2022. Only around two-fifths of those who did apply were approved, a record low. The FSB also found that around a 10th of small firms planned to close, sell or downsize over the coming year. That equates to more than half a million businesses.The FSB's chair, Martin McTague, warned that without proper funding for small firms economic growth in the country will be stifled.
"Businesses are born every day across the UK - many need funding to get off the ground, ensuring they reach a stage where they're profitable and creating opportunities."Mr McTague said a "culture change" was needed, with lenders taking an objective approach to small business finance.