"Despite the need for businesses to secure finance to grow, only 7% said access to advice from a dedicated expert was a top priority when looking to secure funding. "
Businesses leaders aged 16 to 29 are the most open to using external finance, with 57% planning to access additional funds in the near term, according to research from Nucleus Commercial Finance.
A further 61% say they would experience damage/detrimental effect to their business if they’re not able to access the funding they require.
This proactive approach to accessing finance could help build their business’ financial resilience, as only 17% of young business decision makers have cash reserves that would last more than a week if their business was suddenly and unexpectedly unable to trade.
Despite their appetite to utilise funding to grow their businesses, these young business decision makers are the most fearful across business owners of all ages. They are most concerned about a repeat of 2008’s financial crash (38%) and Brexit (38%)..
Chirag Shah, CEO of Nucleus Commercial Finance, commented: “Young business leaders have grown up in an environment of economic uncertainty, but are taking brave steps by running their own businesses. They are the future of our economy’s success and through their entrepreneurial endeavours are significantly contributing to business and society. It’s crucial that both they and their businesses are supported, enabling them to thrive and invest in future growth.
“Despite the need for businesses to secure finance to grow, only 7% said access to advice from a dedicated expert was a top priority when looking to secure funding. However, our work with businesses of all ages and sizes day-in, day-out tells us that the support and personal approach we provide is seen as invaluable. And often the financial solution we develop with them is more tailored and useful that they had imagined at the outset.”