YORKSHIRE bosses have ambitions to expand their businesses – despite uncertainties about the economy.
A third of small and medium-sized firms in the region polled by Barclays Business said they would use financial investment to expand into new markets while 21% would use it to buy new equipment.
However, 32% of SMEs in Yorkshire are more nervous about debt since the start of the downturn.
Amanda Shepherd, regional director for Barclays Business in Yorkshire, said: “Our research suggests some entrepreneurs, particularly larger SMEs, may be harbouring ambitions to expand their business.
“It is particularly encouraging that SMEs would invest additional finance in expanding into new markets or purchasing new equipment as it indicates a real focus on growth and level of confidence for the year ahead.
Ms Shepherd said: “Barclays continues to agree four out of five business lending applications, so the evidence is clear – we’re open for business for lending and we want to hear from good businesses with viable plans.”
She added: “In the current climate, for some businesses, borrowing is a valuable lifeline.
“However, for others it can also be a way to expand and diversify into new markets.