SMEs in Yorkshire continue to be optimistic, but struggle to access the finance they need to grow, according to data released by Hiscox Insurance Brokers.
38% of the region say they are looking to increase growth within the next 12 months, but two-thirds of those looking for investment are concerned that their application for bank finance would be rejected.
The research carried out uncovered that SME’s in the region had grown their order book more than those in other areas, with 40% attracting more work compared to an average of 30% across the UK. Yet, nearly half of Yorkshire’s small and medium sized enterprises saw negative or no growth in the last year.
Business owners have looked at other measures to find the financial resources to grow. As an example, 7% of Yorkshire owners have re-mortgaged their house to access the money they need, 3% higher than the national average.
Despite the negative feel of the data released, SMEs operating in the region were still more optimistic than the rest of the UK, with 8% saying they are positive about future performance in contrast to the nation-wide average of 47%.