A lack of available financing options has resulted in more than one in ten UK SMEs missing out on business opportunities in the last 12 months, a recent survey has revealed – with 48 per cent of these missing multiple opportunities.
Research conducted by wealth management group Close Brothers has also found that 29 per cent of the nation’s SMEs plan to seek investment for business development in 2016, with a further fifth of these (18 per cent) planning to apply for more than £100,000 of investment.
Commenting on the figures, CEO at Close Brothers Asset Finance Mike Randall outlined how important investment will be for SMEs in 2016, and urged small firms to understand financing needs going forward.
“It is vital small businesses understand what assets or finance are required at all times,” he said. “This is to ensure no business opportunities are missed and that they successfully manage future financial needs.”
The survey also discovered that 1.35m small businesses (25 per cent) in the UK are set to expand in 2016, with over half (54 per cent) expressing confidence about the current trajectory of the UK economy for business, believing the worst of the economic crisis may have been and gone. In total, 20 per cent of SMEs feel that business is prospering in the current economic climate. “This shows a real belief in the market and the future of their business,” said Randall.
“With the UK economy continuing to strengthen, it is encouraging to see that a significant number of business leaders in SMEs are expecting to see their business expand throughout 2016,” he added.
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