Equifax UK and Menna partner to tackle the £22bn SME funding gap
Menna – a UK-based AI Finance Assistant – is announcing a new partnership with Equifax UK that aims to reduce the uncertainty that small businesses face when applying for finance by providing greater transparency.
It comes at a time when the UK government is actively reviewing evidence from firms about barriers to accessing credit. The Bank of England has identified a £22bn SME funding gap and a 20% decline in lending in real terms in the past decade.
This partnership aims to support small businesses by using Equifax data within Menna’s AI Finance Assistant to provide clear, actionable insights so businesses will have greater transparency into their creditworthiness. This transforms the journey from an uncertain, reactive process into one of ‘funding readiness,’ empowering SMEs with the transparency they need to understand – and strengthen – their financial standing before they apply.
Shrinking access to finance driving a confidence shortfall
Recent data shows that small business access to finance has shrunk by 25% since the pandemic, with loan acceptance rates now below 50%, and these declining success rates having a knock-on effect on businesses’ confidence to apply for funding.
Despite representing the vast majority of UK businesses – about 99.8% of the business population – many small businesses struggle to understand how they are assessed by lenders and therefore how to improve their finance outcomes. Public data shows that SME confidence in applying for finance is at a 10-year low, with just 45% feeling confident that a lender would accept their finance request in Q4 2025 compared to 66% in 20164.
AI credit transparency and support
Menna’s AI capabilities, along with rich Equifax data, shows SMEs what lenders see, helping them understand how to improve their credit profile by translating complex credit and financial data into plain-language explanations, early warnings and practical actions. Instead of discovering issues only when finance is declined, business owners can see what is influencing their credit worthiness – from late payments and outstanding invoices to their cashflow, how long accounts have been open and whether information is up to date. This helps them understand how everyday business operations affect future funding options and take steps to strengthen their position sooner.
Dan Mines, co-founder of Menna, says: “Small businesses should not have to wait for a loan application to be denied before understanding their creditworthiness. By combining Menna’s Agentic AI-driven insights with trusted Equifax data, we’re helping business owners understand why a bank says no, what is affecting their credit profile, and the practical steps they can take to improve how they are seen by lenders – giving them greater confidence to borrow, plan ahead and grow.”
Matt Jones, VP, partners at Equifax UK, says: “Small businesses are the backbone of the UK economy, yet too many still face a confidence shortfall when it comes to seeking funding. Through our partnership with Menna, we want to help change that by democratising access to the financial and credit insights that have traditionally felt out of reach.
“This is about giving SMEs a clearer roadmap to funding readiness – helping them better understand the factors shaping lender decisions so they can approach borrowing with greater confidence, build resilience, and unlock future sustainable growth.”