Over half of SMEs turn away growth opportunities due to

Over half of SMEs turn away growth opportunities due to finances

Over half (55%) of SMEs are reported to have turned down growth opportunities due to their bad financial circumstances, according to research from Nucleus Commercial Finance.

The data from Nucleus Commercial Finance revealed that just over a quarter of SMEs (29%) wanted to grow, but were not able to.

Chirag Shah, CEO at Nucleus Commercial Finance, said: “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.”

The research also found that 59% of SME decision makers were confident in their position to deliver growth.

For 2019, UK SMEs are aiming to achieve:

  • greater profit (27%)
  • increased number of staff (18%)
  • a renewed focus on their brand/marketing/online presence (16%)
  • the launch of a new product (14%)
  • expansion into new international markets (10%)

“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,” added Chirag.

“It is vital that businesses are supported with the right expertise and financial solutions when they need them.”

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