Funding issues ease for ‘Mid-cap’ sector
BUSINESSES in the key “Mid-cap” sector are starting the New Year in optimistic mood, according to the results of a survey carried out for the Department for Business.
More than half the firm’s surveyed (58%) expect to increase their turnover during 2011, better than the 54% which saw sales rise last year, the 2010 Finance Survey of Mid-Cap Businesses shows.
Mid-cap firms represent the next stage up from Small and Medium-Sized Enterprises (SMEs) and are defined as having turnover of between �25million and �500m.
Although Mid-caps only account for 0.5% of businesses in the UK, they provide 21% of the nation’s jobs and contribute nearly 20% of total turnover.
The survey also found that a substantial majority of firms seeking finance are obtaining the funding they need, with the 2010 figure of 93% comparing with 82% in the previous year’s survey.
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Only 7% Mid-caps reported access to finance as the main barrier to the success of their business, against 17% in 2009.
However, survey also found that businesses had reduced their demand for external finance, with only 32% seeking external finance in 2010 compared with 41% the previous year.
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Mark Prisk, Minister for Business and Enterprise, 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.”
n The research was undertaken by independent research organisation BDRC Continental and involved 401 firms.