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Half of SMEs planning to grow in 2015

Almost half (46%) of UK small businesses are planning to grow in the next year, according to new research from the British Business Bank, but many are still unaware of all the alternative finance options available to them. Small Business Finance Markets 2014 – the first of a series of annual BBB reports on the state of smaller business finance markets in the UK – shows that the nature of demand for finance among small businesses is changing, with an increasing accent on growth. It reports that 54% of companies raising finance did so to purchase fixed assets or to expand, up from 39% two years ago, while the proportion of companies seeking finance to boost cashflow decreased from 45% in 2012 to 33%. Although 68% of businesses surveyed said they were confident in their ability to obtain external finance, significant barriers remain for small businesses seeking finance. A major barrier is the lack of awareness of various funding choices and sources of finance. Keith Morgan, CEO of British Business Bank, said ‘It is clear from our research that there is increasing confidence among UK small businesses and an appetite for growth. The challenge now is to connect the emerging demand for finance with the new forms of funding that are becoming available.’

 

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