"SMEs still have ambitious plans this summer, with many planning on accessing additional finance to support their business. "
UK SMEs are looking to increase their borrowing to capitalise on summer spending, research from Nucleus Commercial Finance shows.
Summer was considered the most important season for more than one in five (21%) SMEs, with two fifths (40%) expecting their income to increase over this period.
For those businesses that believe summer is the key season, more than half (56%) plan on accessing alternative finance to capitalise on the opportunity a busy summer provides.
The top three reasons for this are to expand across the UK over the summer (19%), to increase staff count (17%) and to launch new products or services (13%).
Nucleus found that other uses of alternative finance for businesses include moving to larger premises (12%), expanding into new international markets (9%) and trading internationally for the first time (4%).
Chirag Shah, chief executive at Nucleus Commercial Finance, said: “Despite a tough economic environment, SMEs still have ambitious plans this summer, with many planning on accessing additional finance to support their business. This finance is enabling small businesses to maximise on the opportunities the summer provides, whether that be to expand across the country, increase their staff count or launch new products and services.
“SMEs play a vital role in the UK economy and ensuring they have access to finance that can enable their growth is paramount. At Nucleus, we’re committed to helping small businesses invest in their future so that they can thrive in today’s competitive landscape.”