"We know that the challenges they face when aiming to deliver growth are varied, but we believe that they should not be restrained by a lack of finance."
55% of SMEs have had to turn away growth opportunities because of a bad financial situation, according to research by Nucleus Commercial Finance.
Its survey found that 29% of UK SMEs currently want to grow, but aren’t able to.
Additionally, 75% of SME managers say they have experienced personal stress and anxiety due to a bad financial situation within their business.
Despite this, almost six in 10 (59%) of the SME decision makers polled are confident in their financial position to deliver growth, with only 9% stating that they are not.
When asked what SMEs are aiming to achieve in 2019, delivering greater profit came out top with 27% of respondents citing this, followed by increasing staff (18%) and putting a renewed focus on their brand/marketing/online presence (16%).
14% aim to launch a new product this year and 10% want to expand into new international markets.
Chirag Shah, CEO of Nucleus Commercial Finance, commented: “No business should have to turn away from being able to maximise on the growth opportunities available to them. Supporting UK SMEs in delivering growth and achieving their ambitions is essential to driving our economy forward and providing job opportunities.
“From working with businesses every day we know that the challenges they face when aiming to deliver growth are varied, but we believe that they should not be restrained by a lack of finance. It is vital that businesses are supported with the right expertise and financial solutions, when they need them. Many businesses are turned away by their high street bank, but this is not their only option. We are a true bank alternative, without the typical bank ‘tick box’ mentality. We don’t categorise businesses, but instead work with them individually, finding the finance that fits and supporting them to deliver future growth.”