Nedbank Small Business Index: Financing a major concern for businesses

2013-09-29 06:00

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Business owners rate obtaining finance as very difficult according to the latest survey results from Nedbank Small Business Index™ . Myth or fact?

Forty eight percent of small business owners believe that it is currently very difficult to obtain finance. This insight emerged from the second wave of results from surveys undertaken by Nedbank to develop a robust Small Business Index TM.

The index offers much-needed and easy-to-understand trends and insights to the local small business owner to help grow and nurture their future business.

Respondents of the survey listed affordability, strict qualification criteria, poor understanding of finance requirements and general apathy as factors that played a role in making finance difficult to obtain.  On a scale of ‘very difficult’ to ‘very easy’, only 18% of business owners felt that finance was very easy to obtain, with 35% remaining neutral on the matter.

Also interesting to note was that, of the 47% of small businesses that tried to apply for finance, 64% of them were successful.  It seems that small businesses are  more likely than not to get the finance they need, if they  go through the process of applying for finance.  In addition 31% thought it very affordable over the 14% who believed it was not.

The fact that 82% of acquired finance came from commercial banks is a possible indication that small business owners are not aware of alternative sources and information on government incentives, venture capitalist funding and private investors needs to be more accessible.

Where did you obtain financial support from?

Approaching the relevant financier may also affect the chances of success, with finace opportunities differing by industry.

For more trends and insights, visit www.SimplyBiz.co.za, or join the conversations on Twitter and Facebook using the hashtag #SASmallBusinessIndex.

For more information on how Nedbank Small Business can help you, click here.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.