Fair Business Loans, the business lending arm of Fair Finance is pleased to announce that it is looking to provide £2m of funding to hundreds of small businesses throughout the UK during the next 12 months.
BREXIT uncertainty has caused the value of the pound to fall as less people wish to invest in the UK or hold British pounds. With the pound worth less, imported goods from abroad will cost more. The UK heavily relies on imports so the cost of items that we as consumers all buy is increasing and the materials or raw goods businesses buy to produce costs them more.
With wages in the UK currently increasing more slowly than increases in the price of goods, as consumers we all have less to spend. This not only means that we will all spend less on buying products or services from businesses, but it will also make it more difficult for businesses to pass on their rising costs to consumers.
Rob Benfield, Head of Fair Business Loans commented that:
“Rising inflation coupled with slower wage growth will lead to tougher trading conditions for businesses reliant on selling their products and services to UK consumers over the next 12 months. Fair Business Loans was created to ensure businesses can access funding even in challenging times, and so despite these economic difficulties ahead I am very pleased to be announcing the fact that we are making available £2m of funding for small business”.