Are you optimistic about injecting cash into your business this year? If so, you’re in good company! Almost three in five small and medium sized business owners are confident about securing finance over the next twelve months according to new research.
The positivity comes despite the SME Growth Watch Report 2016, from Hampshire Trust Bank, revealing that lending to SMEs across the 10 major cities dropped by over £2 billion in one year. The previous decline is thought to be down to tougher lending criteria set by banks and because of market instability.
However, this is not dampening the resolve of many UK entrepreneurs with 58 per cent saying they feel confident about obtaining the finance they need over the coming year. The report states that SMEs in the North East and North West are the most positive with 70 percent believing they can access the external funding they need. That’s compared to 60 per cent in London.
The study also highlights an interesting difference in the confidence of medium sized and small businesses – 64 per cent to 57 per cent respectively.
Head of Business Finance at Businesscomparison.com, Laura Thomas comments:
“It’s been a rough road for many SME owners wanting to access finance for their businesses with many being turned away by traditional lenders but their optimism about the future is well founded. The alternative finance market is growing steadily and providing more opportunities for firms to access finance than ever before. The new government SME finance matchmaking service is a step forward and the terms of Brexit are gradually becoming clearer, paving the way for greater confidence amongst the small business community.”
Interested in securing funds for your business? Businesscomparison.com compare finance from over 30 different lenders. Use our free comparison tool to find out more…