Current climate 'very difficult' for SMEs
Published Date: 15/08/2012 11:55:38
Small and medium-sized enterprises (SMEs) are struggling to cope with the challenges of the current economic situation in terms of finding the necessary support to stimulate growth, according to one expert.
Neil Askew, managing director at Askews Accountants, said: "SMEs (small and medium-sized enterprises) are finding the current climate very difficult.
"The traditional funding markets are effectively closed to all but the absolute cream of the crop."
As smaller firms go in pursuit of finance that could help with the growth of their company, it seems that only those with a proven record are able to secure the funds they require under the current economic conditions.
And while business insurance remains vital to all SMEs, those which are experiencing significant difficulties in staying afloat will be most reliant upon their cover to see them through the tough times that could lie ahead.
So as the country continues to pursue a sustained economic recovery, much will depend on the support provided to smaller businesses in the coming months.
Latest NewsMore Articles
Owners 'meeting friends because of their dogs'
09/12/2013: Research has looked at the friends owners make through their dogs. Read More
Over 2.2 million arrive at Abu Dhabi hotels in 2013
06/12/2013: The initial ten months of 2013 saw over 2.2 million people check into the hotels and hotel apartments of Abu Dhabi, it has been announced. Read More
IAM expert's weather warning
06/12/2013: IAM expert gives extreme weather advice. Read More
Pets are 'part of the family' say owners
04/12/2013: Some 90 per cent of people who own pets say they think of them as members of the family - suggesting it's likely that many pet personal insurance holders feel this way. Read More