"SMEs must take this as a reminder to review their existing lending structures and ensure they can keep ahead of the storm"

Douglas Grant, group CEO at Manx Financial Group PLC:

“The latest inflation figures remain stubbornly high, going against the Bank of England’s reassurances that 2023 will see inflation fall quickly.
“Interest rate hikes and ongoing rising costs continue to bring challenges that businesses are struggling to outmanoeuvre.

“Indeed, coupled with the global banking sector showing signs of weakness, SMEs must take this as a reminder to review their existing lending structures and ensure they can keep ahead of the storm.

"Following the implementation of short-term loan schemes in the past few years, we believe that it is vital the government continues to expand measures to fuel SME resilience and kick-start growth.

“We have been advocating for a permanent government-backed loan scheme that is sector focused and involves both traditional and non-traditional lenders to secure the future of our SMEs.”