More than half of UK SMEs wake up with ideas at night, research finds

More than half of UK SMEs wake up with ideas at night, research finds
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Over half of the UK’s SMEs have woken up at night with a new business idea, research from Barclays reveals.

The findings also reveal that the most popular time for an idea to be dreamt up is between 2-3 am – so says 28% of the people polled.

The average SME owner has just six hours and 12 minutes of shut eye per night, compared to the average person in the North West who gets 6 hours and 24 minutes.

Analysis revealed that almost half (48%) of SMEs said that they are more creative at night, with over two fifths saying they are more productive outside of 9 – 5 working hours and keep a note pad and pen by their bed so they can jot down ideas.

Over half attributed this to having extra time to think away from daytime pressures.

To coincide with the findings, Barclays has launched £100,000 unsecured lending for SMEs on its app and online banking platform, with thousands of SMEs set to benefit from access to faster finance.

With two fifths of SMEs surveyed (44%) saying they would have more confidence in applying for a loan if they could see a pre-assessed limit, Barclays is offering over 360,000 customers pre-assessed limits on their digital channels.

The limits for unsecured digital lending have increased to £100,000 from £25,000 for thousands of clients, with funds typically received in the account within 24 hours.

Tony Reynolds, Head of SME, East Midlands at Barclays Business Banking, said: “Every day we talk to thousands of SMEs about how we can support them to grow their business, and our team of relationship managers are out and about visiting offices and homes up and down the country.

“Now, with the launch of £100,000 unsecured lending on our app and online banking, we’ll be able to go even further to support businesses with exciting scale-up plans to borrow what they want, when they want.

“With pre-assessed limits of up to £100,000 clients can follow just six simple steps and receive the money in their account normally within 24 hours.”