By James Callery
Over two thirds of UK SMEs plan to grow in the next one to two years while almost half find the cost of finance too high, according to two recent surveys.
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Some 69% of the 450 SMEs surveyed on behalf of ABN AMRO Commercial Finance said they were planning for growth as the economy recovers after 55% said they had delayed strategic decisions during the tough economic period.
A separate survey, conducted by Hilton-Baird Financial Solutions, found 45% of 296 SME decision-makers across a variety of sectors looked to secure lower costs when they reviewed their finance arrangements.
This survey found 28% of SMEs reviewed their facilities with the aim of securing additional funding, with 25% where looking for greater flexibility.
Some 63% of firms reviewed funding in the last six months while 19% had not reviewed their existing finance arrangements in the last year.
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By GlobalDataEvette Orams, managing director of Hilton-Baird Financial Solutions, said: "The commercial finance industry never stands still and, particularly when combined with the improving economic picture, what might have been right for a business six months ago might no longer be the optimum solution."
