Close to half of UK SMEs expect to grow in 2015, report suggests

Almost 50 per cent of British SMEs expect to grow over the next 12 months, a new report issued by the government's British Business Bank has revealed.

The 'Small Business Finance Markets 2014' surveyed 1,000 small businesses and found that 46 per cent of small and medium enterprise owners expect their businesses to grow over the next year.

However, most small and medium companies rely either on self-generated resources or bank loans to finance further development. In fact, despite of the fact that more than two-thirds (68 per cent) of small business owners were "confident in their ability to obtain external finance", a further 65 per cent admitted they hadn't heard of crowdfunding, peer-to-peer lending, export and import finance and mezzanine finance.

In terms of reasons for raising finance, the most common reasons among SME owners questioned were to purchase fixed assets (43 per cent) and to support cash flow (33 per cent).

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