Research by the SME finance provider found that the total overdraft limit available to Scottish SMEs had declined, resulting in a funding gap of over £800m.
Growth Street has claimed that this is due to the high street banks’ increasing reluctance to extend overdrafts to SMEs.
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“The £800m funding gap is a dramatic realisation that overdraft facilities available to businesses in Scotland are in short supply,” said Greg Carter, CEO at Growth Street (pictured above).
“Scottish businesses face a significant void in their funding, which might result in an everyday working capital squeeze.
“Growth Street wants to lead the charge to fill the hole left by the banks.”
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