CashNews.co
Simply Asset Finance has called for a pro-business agenda in the upcoming Autumn Budget to remove barriers hindering the growth of small and medium-sized enterprises (SMEs).
With SMEs representing 99.9% of the UK business population and 61% of total employment, the firm argued that their success would be vital for the country’s economic stability.
As inflation decreases, Simply Asset Finance highlighted the importance of addressing funding access, late payments, and planning barriers to support this economic recovery.
A recent report by the Federation of Small Businesses found that just over half (53%) of SME credit applications were successful in the last quarter of 2023.
Simply Asset Finance said the Government should continue successful funding schemes like the Recovery Loan Scheme and facilitate closer collaboration between SMEs and lenders.
The firm also urged the Government to provide support and incentives for the green transition.
Although 80% of SMEs expressed a commitment to sustainability, one-third (34%) cited high costs as a barrier to investing in clean energy technologies.
In addition, the organisation called for reforms in infrastructure planning, as 93% of SMEs report that delays in securing planning permission hinder growth.
It also highlighted the need for timely invoice payments, noting that 32% of small businesses face issues with late payments, impacting cash flow.
Mike Randall, CEO at Simply Asset Finance, said: “As we approach the Autumn Budget, it is imperative that the government addresses these key areas in a pro-business agenda to unlock the full potential of SMEs in the UK.
“These are not new issues—they have been raised for a long time and are well-known levers that can make a significant difference by creating conditions that enable growth.
“But now is the time to really focus on SMEs. This is an opportunity the new government should not miss; it is time to act.
“By listening to the many voices of industry, we can create an environment where SMEs thrive, driving economic growth and innovation.
“We stand ready to support businesses across the country and help shape a brighter future. However, it is essential that barriers hampering growth and ambition are removed.
Randall added: “SMEs need assurance that their interests are prioritised in policy-making, not just treated as an afterthought.
“By providing targeted support, reducing red tape, and offering meaningful financial incentives, the government can empower SMEs to innovate, grow, and compete locally, nationally, and even globally.
“It is crucial that policy decisions reflect the real challenges SMEs face, ensuring they are placed at the heart of economic recovery and progress.”