Small Business Saturday: The importance of supporting small businesses
Businesses across the UK are gearing up for Small Business Saturday, a grassroots campaign that takes place on the first Saturday of December. The goal of the campaign is to support, inspire and promote the growing number of small businesses, by encouraging consumers to “shop small.”
We here at Finimpact are delighted to share in such an amazing day with small businesses across the UK. But we know that Small Business Saturday is more than just one day, it’s about valuing and supporting small businesses all year round.
We all know that small and medium businesses (SMEs) are the growth engines of the economy; opening new markets and creating jobs, their creativity fuels the economic spirit. Recent studies indicate that SMEs provide over 60% of world’s private-sector jobs, and contribute over 50% of the world’s GDP. In the latest report published by the Department for Business Innovation and Skills, the combined annual turnover of SMEs was £1.8 trillion, which accounts for 47% of all private sector turnover in the UK.
However, capital is an essential ingredient for growth and expansion in any business. Throughout the life time of a business most business will seek funding at some point, using funding for expansion/growth, working capital and asset purchasing. Unfortunately many SMEs are still unaware of the funding options available to them. Recent studies indicate that only 44% of all SMEs are familiar with any forms of alternative finance and of that, only 9% have taken a loan through an alternative lender.
We know that searching for finance can seem intimidating, and time consuming for SME focused on trying to build their business. Fudbird aims to change the way business owners look at funding. Using our online platform, SMEs can quickly and easily discover new financial solutions available. With one simple online application, we connect businesses with the best-fit matches from among world’s top funding providers. Let us help empower your businesses with the capital it needs to grow!