A recent study by the invoice finance company, Close Brothers, shows nearly half of SMEs in the West Midlands want to obtain funding over 2014 to expand their business. However, many are unsure of how this can be achieved, causing concern about the future. Every industry in the UK has had some trouble adapting to the economic climate, finding it challenging to secure finance and grow as a business. While many are profiting and doing well, the general consensus from companies is the lack of funding available to continue a solid growth.
41.6% of survey participants in the West Midlands want to obtain further funding over 2014, yet over half of these are concerned with how they can get the finance.
The Close Brothers Business Barometer revealed that across the UK, the manufacturing industry has found it the most challenging, with over half (50.7%) of firms suffering from poor trading conditions.
It’s not all bad news though – the engineering sector (as well as food and drink sectors) in the UK are reporting healthy turnovers with some unaffected by trading and economic conditions. However, with the current poor weather in the UK, US and Canada, this will inevitably lead to poor crops and limited produce later on this year, causing a difficult trading environment.
There are plans for many to expand their businesses over the coming months but the biggest challenge is finding suitable finance. Alternative options to bank funding may be the best solution.
Whatever industry you’re in, we can help. If your company is struggling financially, call us on 0800 9700539 and speak to one of our turnaround and recovery experts. We provide support for cashflow problems, we can arrange new working capital facilities (very quickly) and we can deal with debt management and protection against aggressive creditors. Visit our options page for more information.