Colin Goldstein, Chief Commercial Officer, UK at iwoca: "Rising pessimism and fears of a recession are reshaping SME mindsets, with a greater focus on survival over growth."
Currently, 47% of brokers report that SMEs are concerned about the possibility of a recession, up from 35%, indicating a significant rise in economic anxiety.
The percentage of brokers reporting pessimism among their SME clients has more than doubled, with only 36% of brokers indicating optimism among small and medium-sized firms.
Amidst increasing economic pressures, managing cash flow has become the primary reason for loan applications by SMEs, showing a shift from growth-oriented financing.
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