Region’s entrepreneurs harbouring expansion plans – report
A NEW report signals a strong focus on growth amongst Yorkshire’s small businesses and an ambition to take their business to the next level.
Research by Barclays Business reveals that 33% of entrepreneurs in the region would expand their business into new markets if they were to apply for a business loan in the future, whilst 21% would use the investment to buy new equipment.
But while some SMEs may be focused on borrowing to fund growth, the report highlights that 32% of small businesses in the region are more nervous about debt since the start of the downturn.
However, of those that have taken the plunge, 64% saw it as a positive experience.
Amanda Shepherd, regional director for Barclays Business in Yorkshire, said:
“Our research suggests some entrepreneurs, particularly those larger SMEs, may be harbouring ambitions to expand their business.
“It is particularly encouraging that SMEs would invest additional finance in expanding into new markets or purchasing new equipment as it indicates a real focus on growth and level of confidence for the year ahead.
Ms Shepherd said that, for some business in the current climate, borrowing is a valuable lifeline but for others it can also be a way to expand and diversify into new markets.
“Obviously this is crucial for individual businesses but also for the UK economy, as their growth will drive the recovery. Our message to entrepreneurs is to speak to your bank manager and see what is available to help your business take that next step,” she added.
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