Research released by Barclays has revealed that over half of the UK’s small and medium enterprises (SMEs) have woken up at night with a new business idea (57%), while the most popular time for an idea to be dreamt up is between 2-3 am (28%).
Analysis revealed that almost half (48%) of SMEs said that they are more creative at night, with over two-fifths saying they are more productive outside of the regular 9–5 working hours and keep a note pad and pen by their bed so they can jot down ideas. Over half attributed this to having extra time to think away from daytime pressures.
With two-fifths of SMEs surveyed (44%) saying they would have more confidence in applying for a loan if they could see a pre-assessed limit, Barclays says it is offering over 360,000 customers pre-assessed limits on their digital channels. The limits for unsecured digital lending have recently increased to £100,000 from £25,000 for thousands of clients, with funds typically received in the account within 24 hours.
Barclays says that in 2018 it funded a new start-up every four minutes, with a total of £2.8bn of loans supporting small businesses. The bank recently unveiled a package of support for businesses as part of its Backing the UK initiative and to mitigate the impact of Brexit uncertainty, with a £14 billion dedicated lending fund, and a series of over 100 clinics providing business support and guidance hosted by the bank’s network of 1,500 relationship managers.
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