Survey finds mid-cap businesses confident for the New Year
1 min read
Ninety-three per cent of mid-cap businesses seeking finance are managing to obtain what they need (an improvement from last year's figure of 82 per cent) according to a Department for Business survey*. The survey, "Results from the 2010 Finance Survey of Mid-Cap Businesses", also showed 58 per cent expecting an increase in their turnover in 2011.
Minister for Business and Enterprise Mark Prisk (pictured) said: "Mid-caps are an essential aspect of our economy, employing over a fifth of our workforce and helping boost growth. It is pleasing to see they are recovering well from the recession and are facing fewer problems with access to finance."
Just seven per cent of mid-caps reported access to finance as the main barrier to the success of the business, down 10 percentage points on last year's figure of 17 per cent.
The surveyed businesses reported they had reduced their demand for external finance with only 32 per cent seeking external finance in 2010, a decrease of nine percentage points from the previous year.
*Look out for January's WM magazine to see our special feature and survey findings on how manufacturers are tackling the challenge of raising asset finance.
