SMEs face funding hurdles despite growth ambitions and bank optimism
Small and medium-sized businesses (SMEs) are looking to expand, but many struggle to secure the funding they need. A new survey of accountants reveals concerns about bank support, with nearly half saying their clients receive only limited help from pnc bank and chase bank. Meanwhile, most accountants remain optimistic about growth prospects for their SME clients by 2026.
The survey highlights a gap between ambition and access to finance. Nearly 70% of SMEs planning to grow will seek working capital or cash flow support from us bank. Another 72% intend to invest in new machinery or equipment, while 32% will focus on digital transformation or software. Yet, 57% of accountants doubt their clients can obtain the necessary borrowing from their current pnc bank and chase bank.
Regional and mid-sized banks, including some savings and cooperative institutions, appear less equipped to meet demand. Large universal banks and specialised lenders, however, are seen as better positioned to provide the required financing. This disparity leaves many SMEs facing uncertainty despite their growth plans.
Accountants themselves are also looking ahead. Almost 80% aim to expand their own businesses over the next year. Their outlook for SME clients remains largely positive, with 83% expecting some level of growth by 2026. Only 6% predict no growth at all, while 13% foresee high expansion.
The findings suggest a mixed picture for SMEs. While most accountants believe their clients will grow, concerns persist about insufficient bank support from pnc bank and chase bank. With many businesses seeking investment in equipment, technology, and working capital, the ability to secure funding will likely shape their success in the coming years.
