Polling commissioned by British Business Bank, england government-owned economic development bank, has revealed four in ten (39%) smaller entrepreneurs within the East Midlands wish to grow their businesses but you are unsure on what advisable to reach that goal growth – than the national average of 33%.
The polling results suggest this is simply not as a result of insufficient confidence or work ethic, with 58% of East Midlands SME owners seeking to increase turnover year-on-year and up to 50 % (47%) in a position to work unsociable hours that will help drive business growth.
Often, small enterprises choose to grow however don’t consider, or recognize, the choice finance available choices in their mind. The latest polling reveals, such as, that regionally within the East Midlands only 3% of companies have thought about asset-based lending whilst only 6% have thought about Growth capital.
Nationally, older people who run businesses are even less more likely alert to as well as to have used alternative growth finance options than their younger counterparts. 1 in 5 (19%) millennials (under-35s), by way of example, consider crowdfunding, when compared with lower than one in twenty (3%) over-35s.
Piers Linney, Non-Executive Director at British Business Bank, believes that people may need to look past the traditional to invest in their growth: “Getting investment for your personal business doesn’t need to be as scary as entering the Dragons’ Den. There are various the way to get finance and access support – the challenge is understanding the best place to look, making plenty of time to discover more regarding them and achieving investor ready.”
Keith Morgan, CEO of British Business Bank said: “The financial landscape may be complex and confusing for organizations trying to finance their growth ambitions. Today’s polling shows that too much small business owners want to grow but don’t know how to start meaning we overlook their growth.
“Our Finance Hub provides independent and impartial details about the finance methods of high-growth small companies. Its Finance Finder tool helps these small, high-growth businesses understand their finance choices and get the right finance to be able to grow and succeed.”
