David Duffy, CEO of CYBG, said: “SMEs are the lifeblood of the UK, helping to drive growth, create jobs and sustain economic health. But SME confidence appears to be in short supply as many small firms are seeing rising business costs alongside continuing skills shortages.

“Businesses are scaling back their investment and borrowing due to the wider economic uncertainty, contributing to the decline in the Index. The Government’s business rate changes in last November’s budget were appreciated, but in the current environment, SMEs would welcome more incentives to address skills shortages or further tax reductions.”

Small businesses make up a large part of the economy, not merely economically but also boast some of the braver and bolder employees and initiatives. Embracing new technology and surviving this current economic downturn is not something that comes easy, however, and finding the right source of funding is important. As borrowing rates rise further and traditional lenders appear less reliable, credit management seems a more affordable and trustworthy alternative. Rather than lending you money that belongs to somebody else, credit managers will instead recover old debt and ensure any unpaid invoices are swiftly investigated. When operating a business on such shaky ground it’s important you improve your finances rather than inflicting more damage.

Here at the Credit Protection Association, our members utilise our debt recovery and credit management products to not only recover money but improve and strengthen their financial standing. Our credit checking facilities and company directories investigate your customers and ensure your business partners will do your business more good than harm.