The latest SME Credit Demand Survey also showed that 14% of SMEs reported a loss last year, while 26% broke even.
It also reveals that 46% of SMEs reported increased turnover, 31% reported stable turnover and 24% reported a decline in turnover in the six months to September 2021. It found that 17% of SMEs applied for bank credit. This marked a 1% decrease on 2020 and was down 3% on September 2019.Of those SMEs that applied for credit, 40% said they wanted it for a new business venture, acquisition of assets or expansion, up from 16% in October 2020.Today's survey also noted that 9% of all SME credit applications were declined from the months between April and September 2021. However this rate rose to 21% for micro businesses.
On the type of Government support SMEs prefer, 42% said they would like a longer-term investment loan scheme with loan repayment term, with some SMEs preferring credit guarantee schemes and working capital loan scheme .