MORE than two thirds of businesses in Yorkshire are unable to access the funding they require, says a study.
The findings of the survey by independent invoice finance provider Bibby Financial Services follow the announcement by Deputy Prime Minister Nick Clegg of plans to offer more regional support to businesses through a local growth committee in Whitehall.
The survey revealed that 77% of businesses in Yorkshire to apply for funding have been refused the amount they require.
Mark Storey, managing director for BFS Yorkshire, said: "It’s evident that many SMEs across the country have struggled to access funding through traditional channels, such as banks, so we welcome the news that the Government is looking at new ways to support regional businesses.
"Giving local government more autonomy in relation to how funding is allocated would be a big step forward."
The study showed that only 14% of SMEs feel there are good business support networks in place in the region and just 9% of firms said they have experienced business growth in 2013.
Mr Storey said: "There is a real need for a much stronger focus in the regions as clearly they will drive the national recovery.
"It’s time for SMEs to look beyond the banks for funding support."
