ALMOST half of small and medium-sized firms in Yorkshire are finding it harder to grow their businesses because of lack of funding, according to a survey.
The latest Close Brothers Business Barometer showed that 44% of SMEs in the region were finding it more difficult than usual to achieve growth – while a fifth are finding it “near impossible”.
Lee Hayes (pictured), regional sales director for Close Brothers Invoice Finance in Yorkshire, said: “We’re now officially out of recession, so it’s no wonder SMEs are focusing on expansion and driving the economy back towards prosperity.
“Their plans and the tenacity and determination that firms in this region have shown are to be applauded.
“However, without access to vital funding, these plans will come to naught. It is more important than ever that credit flows to businesses and while traditional lending may not be readily available, there are a number of other options for companies to ensure that they can not only plan, but realise growth in the months ahead.”
The survey found that just over a fifth of businesses in Yorkshire were unable to pursue growth due to a lack of resources or skills in their organisation.
“Our research clearly shows that access to finance is one of the most pressing issues facing local businesses,” said Mr Hayes.