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One in three small firms struggle to get funding

3 June 2025

New research shows that many small businesses in the UK are struggling to access the finance they need and a worrying one in five have been turned down for a business bank account.

Outdated and inefficient verification systems are preventing many small firms from getting the finance they need to survive and grow, according to a new study on the state of SME funding in the UK.

Research conducted by digital identity platform Umazi has found that nearly one-third of SMEs surveyed said they lacked access to funding. What's more, one in five have been turned down for a business bank account.

The findings show that almost a quarter of those who applied for financial support have been rejected or subjected to delays, despite submitting extensive documentation and investing significant time in the process. Half of these rejections were due to what lenders described as a lack of trading history or an insufficient track record.

"Opening a business bank account should be a basic, seamless step for any new enterprise - yet nearly a quarter of SMEs face delays or rejections, even after submitting extensive documentation. If something this fundamental remains so complex and time-consuming, how can we expect entrepreneurs to overcome the far greater economic challenges ahead in 2025 and beyond? It's no wonder that promising businesses are stalling. This isn't just about growth being delayed - it's about opportunity being denied altogether." Cindy van Niekerk, ceo and founder of Umazi.

Barriers facing small firms that apply for funding

The report highlights the antiquated systems still used for business verification; many SMEs are forced to submit the same documents repeatedly to different lenders, often by manually scanning and emailing PDFs or even mailing original paper documents. The research shows that more than 30% of SMEs have had to manually upload PDF documents, 31% have had to print and scan physical paperwork and 27% have been required to provide non-digital originals.

Among those whose applications were rejected, 20% received no explanation at all. Others were denied on the grounds of "insufficient business history" (40%) or an inability to meet excessive documentation demands (10%).

"As SMEs struggle to raise capital and establish the basic tools they need to operate, their ability to expand, hire, and innovate is severely limited." Cindy van Niekerk, ceo and founder of Umazi.

Small business owners say the finance application process is "laboursome, outdated and unfair", according to Cindy van Niekerk. "We already have the tools to fix this; what's missing is the urgency," she says. "Every viable business turned away due to slow, manual verification is a loss, not just to the entrepreneur, but to the public, to the economy and to the country's long-term competitiveness. If we want SMEs to lead us out of economic stagnation, we must stop holding them back with paper-based systems that belong in the past."

Written by Rachel Miller.

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