A survey carried out by the Association of Chartered Certified Accountants (ACCA) and the Corporate Finance Network (CFN) has found that small and medium-sized enterprises (SMEs) are looking to invest in growth but are frustrated by the lack of financial options open to them.
89% of SME owners reported that they are trading at or above the expected level in July, with a further 90% stating that they expect to return to pre-COVID levels of turnover and productivity within two years.
However, SMEs feel they are being held back and are struggling to find the right mix of finance. One third of SMEs said they have struggled to finance their growth for the next year with traditional options such as mortgages or finance leases.
Claire Bennison, Head of ACCA UK, said: ‘Economic indicators are reporting a strong rebound in the UK economy and our members are keen to get back to full throttle business as trade recovers.
‘However, they are struggling to find the right mix of financial support to guide them through the next stage of the pandemic. This is frustrating for business owners and is clearly taking a toll on their mental health.
‘We would appeal to the financial services sector to support small businesses at this crucial time, to provide them with the right financial backing for them to get back to growth.’