{"id":16565,"date":"2022-05-16T13:17:53","date_gmt":"2022-05-16T08:17:53","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=16565"},"modified":"2022-05-16T13:17:55","modified_gmt":"2022-05-16T08:17:55","slug":"small-businesses-have-to-jump-through-hoops-to-acquire-financing","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2022\/05\/16\/small-businesses-have-to-jump-through-hoops-to-acquire-financing\/","title":{"rendered":"Small businesses have to ‘jump through hoops’ to acquire financing."},"content":{"rendered":"\n

According to a research by the Federation of Small Businesses, lending to small businesses has reached an all-time low.<\/p>\n\n\n\n

Small businesses are being “pulled up the drawbridge,” according to the industry association.<\/p>\n\n\n\n

To acquire a business loan, one beauty salon owner told the BBC she had to “jump through hoops.”<\/p>\n\n\n\n

Lucie Grech has requested for loans from five banks since opening The Laser Lounge in October 2019, but has just recently been successful.<\/p>\n\n\n\n

Ms Grech was looking for a business loan to expand her Manchester clinic from one to five rooms, but she describes the procedure as a “horror.”<\/p>\n\n\n\n

“This was primarily due to the fact that I was a solo trader with no employees.”<\/p>\n\n\n\n

She claims she applied to many institutions for loans ranging from \u00a35,000 to \u00a350,000, but was unsuccessful.<\/p>\n\n\n\n

She describes herself as “jumping through hoops.” “I was unable to obtain any financial assistance.”<\/p>\n\n\n\n

According to a report, Lucie’s story is far from unique.<\/p>\n\n\n\n

Successful credit applications fell in the first three months of this year, according to the Federation of Small Businesses (FSB).<\/p>\n\n\n\n

Only 9% of small businesses asked for new financing in the first quarter of 2022, according to the survey, which polled 12,000 members of the association. Only over two-fifths of those who applied were accepted, which is a new low.<\/p>\n\n\n\n

According to the Bank of England, loans to large businesses climbed dramatically over the same time.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to a research by the Federation of Small Businesses, lending to small businesses has<\/p>\n","protected":false},"author":11,"featured_media":16567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[963],"class_list":["post-16565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-small-businesses"],"yoast_head":"\nSmall businesses have to 'jump through hoops' to acquire financing.<\/title>\n<meta name=\"description\" content=\"According to a research by the Federation of Small Businesses, lending to small businesses has reached an all-time low.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2022\/05\/16\/small-businesses-have-to-jump-through-hoops-to-acquire-financing\/\" 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