Mid-sized businesses in the UK have grown faster and generated a larger profit growth in the last five years than the nation’s large and small companies combined, according to a new report from accountancy and business advisory firm BDO. These SMEs constitute 99.9% of all private sector businesses and employ over 60% of the private sector, 15.6m people.
British mid-sized companies created half a million jobs in the last year – more than the FTSE 350 and small businesses combined. And although they make up only around 0.5 per cent of all companies, they account for one third of all private sector revenue and jobs. With these stats in mind, here’s another. 26% of all SMEs have used overdrafts to grow their businesses as they were not aware of how to access finance and even fewer say that their bank does not meet their needs and had been turned away when extra cashflow was needed.
MD of Regency Factors Maurice Craft Commenting on the commitment from the British Business Bank to provide the SME community with more advice on seeking funding “The alternative finance industry has achieved a great deal in a short space of time but it is imperative the Government now leads the charge, supported by industry groups and industry itself, in order to ensure SMEs get the help they need to grow and that the alternative finance industry cements its position as a mainstream and complementary part of the financial services sector”
If you’d like to find out more about alternative business finance facilities, we’d love to be able to help. Why not give Regency a ring today on 0161 280 4010, drop us an email at lynnew@regencyfactors.com or browse our website for more details on how our facilities work.
Regency Factors PLC
For more than 20 years we have been structuring innovative financial solutions for our clients, many of whom today trust us with their invoice finance, trade finance, asset finance and purchase finance needs. Our goal is to help your business to grow, to put decades of professional financial expertise to work to ensure that this happens, and to do so in an ethical and responsible fashion, offering each and every client the support and guidance they require.
Regency specialises in developing bespoke financial solutions for clients from across a broad spectrum of sectors. We’ll provide you with a rapid response to your needs, a whole-of-industry perspective on solutions, and advice to help you decide.