Can’t acquire funding from lenders? Grants could be the solution

If you are struggling to secure funding for your business you aren’t alone. In fact, recent research from Manx Financial Group PLC found that more than one in five SMEs are unable to access external finance.

As a result of being unable to access the finance that they need, over a quarter have had to stop or pause an area of their business because of a lack of finance.

According to this study, the biggest barriers to accessing finance are:

  • It was too expensive (23%)
  • The process took too long (19%)
  • Lack of flexibility with repayment terms (17%)
  • Lender didn’t understand their business (16%)

If you are facing similar challenges, then perhaps it is time to consider grant funding as an alternative.

Businesses are often amazed at just how much money is out there to support their plans via grants.

If you would like to see if your business might be eligible for a grant, please speak to our specialist team today.