SME confidence up…a bit
The latest SME Finance Monitor report shows a small rise in growth expectations in Q2 but funding issues remain.
The Q2 SME Finance Monitor, published by BRDC Continental, highlights a 3% annual increase in SMEs stating they it was their objective to grow (44% to 47%), which represents a glimmer of good news.
Outside the state of the economy the next largest obstacle to growth was seen as access to finance. A significant number of SMEs (41%) who needed finance said that they had used personal funds. This was most likely for businesses with fewer than 10 employees, start-ups or young companies or those with a poor credit rating.
The number of respondents believing that they would be successful in receiving funding though banks reduced dramatically (from 52% to 39%).
These figures match the sentiment that we have gauged in the local market amongst our clients and we very aware of the problems caused by access to investment.
We urge businesses to consider all of the options very carefully before they make any decisions. It is a good idea to look at the big picture regarding your financial and taxation position to ensure that you take full positive advantage of the rules and don’t upset your personal taxation position.
Lewis Smith & Co. has an expert team to help you make sense of your business finances. We also have an extensive network of trusted contacts in a variety of other professional disciplines who we can draw on to provide assistance.
If you are concerned about the impact of setting up funding for your company then simply call us on 01384 235549 or email info@lewissmith.com for a no obligation and confidential discussion.
Lewis Smith & Co. – Expert accountants for the Construction Sector
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