17th December 2020
In a recent study, it was found half of U.K. adults with debts have mental health issues and one in four people with a mental health problem are also in debt. For small business owners, sole traders, and freelancers, issues around liquidity and cash flow concerns leave many struggling and stressed as to what the future holds. Over two thirds do not feel in control of their money, with a third specifically saying that they feel anxious and stressed when it comes to their business finances. Research from MarketFinance, found that most small business owners believe they will not survive into 2021, with only a quarter believing they will make it.
It’s not surprising that money-control is a major factor to this uneasy feeling so many are experiencing. Adoption of technology is suppressing that – allowing them to feel more in control over their finances, many fintech businesses have adapted their technology to fill this gap; one of the largest recent adoptions of technology is Funding Xchange. Technology is now key, and our very own Katrin Herrling has heavily inputted in this article explaining the knock-on effects of not only BBLS and CBILS, but the need for businesses like Funding Xchange to exist to support those unable to acquire government-supported funding.
This article was published in Forbes 17th December 2020 and can be read here.