Speaking to Aldermore this week, Will commented:
"Europe's going to be basically in recession, a challenging place to do business with, for the next 10 years. So that directly impacts the UK because the European market is a close trading partner of ours."
For small businesses, this challenging outlook strengthens the need for financial security and support in order to foster growth. Unfortunately, as many other small business owners have previously expressed to Aldermore, King reveals a strong level of distrust in traditional banks. He states:
"The thing that banks have messed up over the past five years is they've lost the trust of everybody, including small business owners, which is why you've got alternative market funding businesses springing up."
He goes on to expand on the difficulties SMEs face in obtaining the necessary funding from banks to develop their businesses:
"When you then come to talk to a bank, it's no different to talking to banks over all the years. Twenty years ago we were in a recession, no bank wanted to lend any money and it was tough getting money out; you'd need a decent business plan."
This then places SMEs in a difficult position as, according to King, financial support from banks is often crucial to the continued growth of small businesses.
"As the business hopefully grows, you'll need a structural relationship with your bank," King affirms, adding, "You've got to develop a good relationship with your bank's relationship manager."
King's sentiment echoes that of numerous other small businesses across the UK and is the reason for Aldermore's continued commitment to providing a more personal level of service to all business clients.
By listening to the needs of SMEs in this way, Aldermore hopes to help small businesses to survive and succeed in the coming future, regardless of the difficult economic climate.
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