Almost nine out of ten SMEs reckon their biggest problem is working out how to grow in 2014, according to a survey by Platform Black, supply chain finance specialist.
The survey found that:
* 89 per cent said that their biggest headache would be working out how to grow in 2014
* 70 per cent said that their second major problem would be worrying about cashflow shortages over the Xmas period
* 56 per cent said that their third major issue would be worrying about how to get enough cashflow to finance their operations for 2014.
Chancellor George Osborne made some concessions to small and medium businesses in the Autumn statement – notable relief from further rises in business rates and a new reoccupation relief for those on the high street.
Louise Beaumont, co-founder of Platform Black, said: “This survey lays bare the true plight of the UK’s SMEs. The single biggest issue facing them is getting access to finance.
“What is even more concerning is that the vast majority of SMEs are totally unaware that they are able to access alternative finance from non-bank providers. If the banks and alternative finance providers could work together to ensure that the UK’s SMEs are directed to the most appropriate sources of finance for them, rather than just being rejected at the first hurdle, then we could jointly ensure that the UK’s catalyst for economic growth is provided with the financing it so desperately requires.”