Chapter 8
Finding the Money
IN THIS CHAPTER
Working out how much outside money you need
Looking at the different types of money available to you
Choosing the best source of money for you
Finding money to work with
Even during the recent Covid-19 pandemic, small businesses needed and, despite anecdotal evidence to the contrary, were able to access money. The latest British Business Bank report on Small Business Finance Markets 2020/21 sums up the position clearly. ‘SME lending surged to a record level in 2020. Gross bank lending (excluding overdrafts) to SMEs was £103.7 billion, 82 per cent higher than in 2019’. The report went on to note: ‘Equity investment values also reached record levels in 2020, up 9 per cent on 2019. Furthermore, the number of deals was up 5 per cent’.
Starting a business on the road to success involves ensuring that you have sufficient money to survive until the point where income continually exceeds expenditure. You need a steady flow of money from different sources along the way. A survey of SMEs conducted by Warwick Business School shows that over a three-year ...
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