Unsurprisingly, access to working capital was attributed as the biggest challenge faced by SMEs. The survey indicated that the majority of respondents still turned to their banks or a traditional financial institution first when needing to obtain working capital.
As many as three out of ten business owners had previously had their application for a business loan declined by a bank. Only 39% of successful applicants rated the overall experience as positive.
Respondents attributed the top three reasons for obtaining a business loan to be the desire for expansion, followed closely by the need for equipment and renovations.