Greg Carter

71% of North West businesses unaware of available funding options

Some 71% of North West businesses are unaware of funding options available to them, according to the latest research.

A survey of over 1,100 SMEs carried out by alternative finance provider Growth Street revealed that the majority of respondents had only considered using their bank to access finance.

Some 73% of those surveyed in the North West said that they didn’t export, more than the survey’s UK-wide average of 66% who said they didn’t.

In addition, 52% of North West SMEs said that they didn’t think or didn’t know if there was enough guidance and information for businesses looking to export.

Greg Carter, CEO at Growth Street (pictured above), said that the figures should be a wake-up call for the government and financial advisers.

“SMEs are struggling to access finance through traditional avenues as a result of bank closures and the continued restraints on lending to small businesses, which contribute to the stark fact that around half of small businesses fail by year five.

“With the Brexit process ongoing, I believe exports will be crucial for businesses looking to grow and succeed in the coming years.”

Greg continued: “We hope to inspire businesses in the North West to be more confident and knowledgeable about what finance options are available to them.

“In turn, we hope this will ensure more successful SMEs which can grow and begin to tap into new markets.”

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