There is 'very little' funding available, says Business Smiths

Date: 22nd September 2010

Small businesses in the UK could be among those to find funding difficult to access for some time, it has been suggested.

According to support organisation Business Smiths there is currently "very little" funding available to business operators and UK entrepreneurs.

Simon Ellingworth, the organisation's director, said that a number of businesses are having "no joy" when approaching banks to acquire funds.

He added that the situation is unlikely to change and commented that there are limited options available to firms looking for alternative routes to finance.

"I can't really see any end for it. A couple of bank managers who I have spoken to, didn't say anything officially, but [said] the outlook wasn't particularly likely to change in the short-term," he commented.

"We've been helping four or five business at the moment all trying to raise funding from other sources. Apart from young entrepreneurs who there are a couple of mediums available such as Prince's Trust, there's very little available for people to aim at."

Posted by Jacob Williams