Next week the UK will vote to decide whether Great Britain will stay within, or exit, the European Union. With both sides arguing their case, one topic that hasn’t been covered as extensively as others is the potential impact that a ‘Brexit’ would have on SMEs access to finance.
A poll run by the Federation of Small Business in September 2015 found that 47% of small business owners would vote to stay in the EU, with just 40% voting to leave.
The latest polls have seen the divide between the two decrease, with just a 1% margin currently* between them. There has however been consistency in those who remain undecided.
Those individuals (13%) who remain unclear as to how they will vote on Thursday 23rd June, will be the main target for campaigners in the coming week, with both sides voicing their arguments.
We’ve already talked about the pros and cons, but do we really know what could happen whether we choose to stay or leave? How would this affect SME routes to finance?
As the vote quickly approaches, it would be beneficial for small businesses to take the time to become familiar with the potential impact that staying or leaving the EU may have. Either decision could have an effect on SMEs, so business owners will need to start thinking about which decision is the right one for them.
Below are just some of the useful articles we have identified that explore the EU Referendum and its potential impact on finance for SMEs:
How would Brexit affect finance for SMEs? – In a new series surrounding the EU Referendum, The Guardian Small Business Network Panel give their thoughts on how leaving the EU could impact SME finance. You can read the full article here.
Fair Finance highlight a number of areas that could be affected by Brexit, including a section on small business funding right at the bottom. View the full article here.
Real Business get the opinions of six entrepreneurs and small business owners, 3 from both sides of the debate. To find out more about what they think, click here.
We know the difficulties that businesses face to source the finance that is right for your growth and development. So why not find out more about how we can help your business with one of our tailored financial solutions here.
*as of 15/06/16