The average bad debt amongst UK SMEs has jumped 61 per cent – from £10,329 in Spring 2022, to £16,641.
It’s harder to secure a loan today than during the pandemic. Businesses have struggled to secure finance for their business in the last six months.
Economic conditions remain incredibly volatile, especially for SMEs. Not only are SMEs grappling with the perennial issue of late payment and rising levels of bad debt, but they are also struggling to access the finance they need to operate day-to-day.
UK-based fintech digital business financial platform Tide has reached 500,000 members in the UK. The significant milestone means almost one in 10 small businesses now use its services.