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支持英国小企业：融资圈的2023年（英）

金融2024-05-01牛津经济研究院D***

AI智能总结

Backing Britain's Small Businesses: Funding Circle's 2023 Impact

Executive Summary

In 2023, small businesses in the UK continued to navigate significant challenges amidst tightening monetary policies and economic pressures. Despite these difficulties, there were signs of resilience among businesses, with an estimated 78% of SMEs feeling more resilient after facing the year's challenges. The number of small businesses reporting no concerns for their business increased by 9 percentage points compared to the previous year.

Year in Review

Monetary Policy and Economic Conditions: Tightening monetary policy led to a Bank Rate rise from 3.5% to 5.25% by the end of 2023. This affected GDP growth, which only reached 0.1%, the lowest on record since 2009, excluding pandemic impacts.

Challenges Facing SMEs: Economic uncertainty was a major barrier for SMEs, affecting their business operations. Cash flow became increasingly problematic, with one in seven SMEs identifying it as a major issue by Q3 2023.

Customer Demand: Falling demand for goods and services was the biggest concern for small businesses, surpassing supply chain issues and rising costs that were more prevalent in previous years.

Funding Circle's Impact

Supporting SMEs: Funding Circle maintained its commitment to providing finance to SMEs across the UK, reaching businesses in every parliamentary constituency. Lending reached an average of £1.5 million per constituency.

Technology and Data: Funding Circle's technology and data-driven platform enabled quick and efficient borrowing processes, with instant decisions on applications and funds arriving within 24 hours.

Economic Contribution: By the end of 2023, Funding Circle's loans under management supported a total contribution of £6.9 billion to UK GDP, sustained over 95,800 jobs, and associated with £1.6 billion in tax revenues.

SME Growth in 2024

Accessibility to Funding: Funding Circle continues to prioritize boosting accessibility to funding for SMEs, meeting diverse needs with an evolving financial ecosystem.

Conclusion

Despite facing numerous challenges, Funding Circle played a crucial role in supporting small businesses in the UK, contributing significantly to the economy through job creation and tax revenue generation. The platform's innovative use of technology facilitated quick and easy access to finance, enabling SMEs to navigate economic uncertainties and maintain resilience.

BACKINGBRITAIN’SSMALLBUSINESSES:FUNDINGCIRCLE’S2023IMPACT MAY2024 trabantos/Shutterstock.com TABLEOFCONTENTS Executivesummary4 1.Smallbusinessyearinreview6 1.1SMEscontinuedtonavigatesignificantchallenges6 1.2ThesechallengescontinuedtoimpactallSMEgroups8 1.3Greenshootsareemergingdespitethechallengingeconomicconditions9 2.FundingCircle’s2023economicimpact11 2.1FundingCirclecontinuedtosupportSMEswith accesstofinanceacrosstheUKin202311 2.2FundingCircle’sdataandtechnologyboostsaccess forthoseseekingfinance14 2.3FundingCircle’sUKeconomicimpact15 3.FundingSMEs’growthin202417 3.1BoostingaccessibilitytofundingforSMEs remainscrucial7 3.2FundingCircleismeetingthediverseneedsof SMEswithanevolvingfinancialecosystem18 Appendix:Methodology19 Coverimage:andresr/iStockphoto.com MAY20243 EXECUTIVESUMMARY 78% ofUKSMEsfeltmoreresilientfollowingtheyears’challenges. Smallandmediumenterprises(SMEs)continuedtofacechallengesin2023,characterisedbytightermonetarypolicyplacingpressureontheirfinances.DemandconcernswereattheforefrontforSMEsin2023,whereasinpreviousyears, supplychainissuesandrisingcostsweretheirprimaryconcerns. Despitethis,therewasevidenceofcontinuedstrength,asmorethanthreequarters(78%)ofSMEsfeltthattheeconomic challengestheyfacedduringtheyearincreasedtheresilienceoftheirbusiness. ThethreedistinctgroupsofSMEsthatemergedduringthepandemic,continuedtonavigatethechallengestheyfacedinasimilarway.Theycanbecategorisedintothefollowinggroups: •Survivors—thosemostnegativelyimpactedbytheeconomicenvironment; •Hedgers—thosefocusedonprecautionarymeasures,suchasbuildingupormaintainingcashreserves;and •Thrivers—thosewhocontinuedtoadapt,invest,andgrowtheirbusinesses. 9-percentage- pointrise inthenumberofSMEsreportingnoconcernsfortheirbusiness. AlthoughthepressuresfacingSMEshaveevolvedsincethepandemic,theprevailingeconomicconditionsin2023resultedinminimalchangeacrossgroupsizes.WhilethehedgerandthrivergroupsappearedtoincreaseinsizeinQ22023,thispositivemomentumwasnotsustainedtowardstheendof2023,likelyduetohigherborrowingcosts,andtheproportionsofbusinessesineachgroupremainedthesameasattheendofthepreviousyear. GreenshootsareemergingwithSMEsshowingincreasedresilienceandclearsignsofoptimismwhenlookingatmedium-termgrowthambitions.Despitethechallengingeconomicconditions,theshareofSMEsthatreportedgrowthwithin theirbusinessinthefirsthalfoftheyearincreasedtothehighestlevelseensince2019.Asaresult,SMEsshowedgreaterconfidenceinthesurvivaloftheirbusinesses.DatafromtheONSreveal,onaverage,a9-percentage-pointriseinthenumberofsmallbusinessesthathadnoconcernsfortheirbusinessattheendof2023comparedwithayearearlier. 4 LendingthroughFundingCirclereachedbusinessesinall650parliamentaryconstituencies. Despitethetoughercreditconditions,FundingCircleremainedcommittedtoprovidingfinancetoSMEsduringtheyear,withlendingreachingSMEsineverycorneroftheUK.LoansthroughtheplatformhelpedSMEslocatedineveryoneofthe650parliamentaryconstituencies,withanaverageof£1.5millionandmedianof£1.3millioninlendingperconstituency. FundingCircle’stechnologyanddataareattheheartoftheplatformandenableasimpleborrowingprocessforSMEs.FundingCircle’sexpandingrangeofproductsensuresthatSMEscangetthecredittheyneedquicklyandwithoutfuss.Theplatformprovidesinstantdecisionson80%ofallUKapplications,withapplicationstakingjust6minutesonaverage,lendingdecisionsmadeinaslittleasnineseconds,andfundsarrivingintheborrower’saccountwithin24hours. £6.9billion ContributiontoUKGDP,95,800jobs,and £1.6billionintaxrevenuessupportedbyFundingCircle’slendingin2023. Attheendof2023,weestimateFundingCircle’sloansundermanagementsupporteda£6.9billiontotalcontributiontoUKGDPandsustainedover95,800jobs.Inadditiontothesecorecontributions,wealsoestimatethatlendingthroughtheplatformwasassociatedwithactivitystimulating£1.6billionintaxrevenues. 5 1.SMALLBUSINESSYEARINREVIEW 1.1SMESCONTINUEDTONAVIGATESIGNIFICANTCHALLENGES TheeconomicclimateforSMEsremainedchallengingin2023.Acrossthecourseoftheyear,monetarypolicycontinuedtotighten,withtheBankRaterisingfrom3.5%to5.25%bytheendoftheyear.1Inthesecondhalfof2023,therewasamarkedlossofmomentumastheUKslippedintoa“technicalrecession”,GDPdecreased fortwoconsecutivequarters,withafallof0.3%inQ42023,anda0.1%fallinthepreviousquarter.2Overall,annualGDP growthin2023wasonly0.1%,thelowestgrowthonrecordsince2009,excludingtheimpactofthepandemicin2020. Nonetheless,theinflationshockisgraduallyfading.Headlineinflationhassteadilydroppedfromitslate-2022peakof11.1%,reaching4.0%inDecember2023.3Energypriceshavebeenthemaindriveroftheslowdown,butfoodpriceinflationhasalsostartedtocool. Notwithstandingtherelativetailwindoffallinginflation,35%ofSMEsviewedeconomicuncertaintyas abarriertotheirbusiness,accordingtothelatestavailabledata(Fig.1).Thiswasonlymarginallybelowthatatthepeakofthepandemicin2020.4Italsocontinuedtobeperceivedasalargerbarrierthanpoliticaluncertainty,whichwasseenasaconcernbyaroundone-fifth(21%)ofSMEs. Fig.1:PercentageofSMEsreportingissuesasamajorbarriertotheirbusiness Percentage(%) Economicuncertaint

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