Two in five businesses said they had been turned down for funding more than three times CHRIS RATCLIFFE/BLOOMBERG/GETTY IMAGESSeven in ten small businesses fail to secure external finance at the first attempt, a study has revealed, with weak management teams often to blame. Two in five companies said that they had been turned down for funding more than three times and one in ten had made five or more unsuccessful attempts, according to a report from Smith & Williamson, the accountants. Almost half of the respondents to its poll of 1,001 small and medium-sized companies said that weakness in their senior management team was the reason given for the refusal. More than a quarter were told that their business model was not strong enough, while one in five admitted that they did not having a strong enough grip on their company’s finances to…

Source: The Times June 02, 2019 23:09 UTC