Merseyside firms in the dark about accessing growth funding, claims new report
A poll commissioned by British Business Bank, operator of the Northern Powerhouse Investment Fund, found more than a third of firms in the North West were keen to grow. Tony McDonough reports
Almost one-third of firms in Merseyside and across the North West are keen to grow their businesses but don’t have enough information about the funding options open to them.
A poll commissioned by British Business Bank, the operators of the Northern Powerhouse Investment Fund, revealed 53% of business owners said they expect to increase their income/turnover in the next financial year.
It discovered that many smaller businesses want to grow but just don’t consider, or know of, the alternative finance options available to them.
It also reveals that almost one in five North West businesses (19%) are currently looking for sources of finance to support growth, however the majority (59%) of businesses surveyed had never considered or successfully accessed a wider range of finance options.
This includes business loans, invoice finance, crowd-funding, venture capital, asset-based lending, or angel investment.
Trust our entrepreneurs to drive future growth, says expert
The British Business Bank is committed to helping smaller business leaders understand and explore the full range of finance options available to them. The Bank recently launched its Finance Hub – a new interactive website dedicated to providing independent information on finance options.
Piers Linney, non-executive director at British Business Bank, believes that businesses need to look beyond the high street to finance their growth: “Getting investment for your business does not have to be as scary as going into the Dragons’ Den.
“There are plenty of ways to get finance and access support – the challenge is knowing where to look, making the time to find out about them and getting investor ready.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.