Funding gap of £5.66 billion threatens West Midlands SMEs
Research from Allica Bank highlights a $5.66 billion funding shortfall for small and medium-sized enterprises (SMEs) in the West Midlands, part of a troubling $65 billion national gap in SME lending. With rejection rates for loans climbing to 40%, local businesses are facing unprecedented challenges in securing necessary finance, stifling potential investment and growth. As Allica Bank pledges to lend $1 billion to SMEs this year, calls for increased financial support underscore the urgent need to address the UK’s lowest business investment rate among G7 nations.
