Business
Boost in Small Business Confidence as 1 in 5 Secures Growth Funding in Q2 2024
An increasing number of small Businesses applied for finance to support growth initiatives in the second quarter of 2024, marking the highest level in the past three years, according to the latest analysis by Purbeck Insurance Services – the UK’s only provider of personal guarantee insurance for small Business loans.
In Q2, 19% of small Business owners securing personal guarantee-backed loans did so for investment in growth, while loans taken out for working capital purposes dropped to 31%. Although working capital remains the primary reason for securing finance and applying for Personal Guarantee Insurance, this is the lowest level since Q3 2022, following a peak of 37% in Q1 2024.
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