SMEs ‘playing it safe’ despite growing optimism

"Our adviser channels are bringing upwards of 40% of new and return business into Prospa, and we’re returning a 69% approval rate on these applications currently.”

The results of a six-monthly survey from RFI and the SME Banking Council, commissioned by Prospa, show that short-term business confidence has reached its highest level since before the pandemic.

More than half (53%) of small business owners reported feeling confident about the future of their business over the next 12 months, which is the highest figure since the 57% recorded in November 2019.

Whilst some concerns have declined among small business owners, including attracting and retaining good staff, financing growth, time and resource management and the impacts of COVID-19, some challenges have been felt more acutely.