Despite encouraging signs of economic recovery, the latest information from the BDRC Finance Monitor for SME lending highlights that the banking industry could do more to stimulate growth.
- The report shows the most positive business sentiment since its inception, with 51% of SMEs looking to grow their businesses in the next 12 months.
- There has been a 5% increase in the number of SMEs turning to external finance to fund growth. This includes friends and family.
- 1 in 5 business owners inject personal funds into their business.
- 1 in 3 SMEs use loans, overdrafts, commercial mortgages and credit cards.
- The proportion using leasing and hire purchase has increased from 6% to 9%, the highest figure since the report began.
