A recent survey of around 1,100 business owners has revealed that smaller firms were less likely to access finance than larger businesses in the last year. Around two thirds (63%) of smaller firms with fewer than 10 employees did not seek finance, compared to 38% of firms with 50 or more employees. The research was carried out by the British Chambers of Commerce (BCC), in partnership with specialist finance provider Wesleyan Bank. Of the respondents who had applied for finance, less than 4% had approached a crowdfunder, peer-to-peer lender or angel investor. According to the BCC, the research reflects the need to increase competition in banking.
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