Most SMEs in East Anglia ‘optimistic’ for 2015

Most of East Anglia's small and medium-sized firms are optimistic over their prospects for 2015, acc

Most of East Anglia's small and medium-sized firms are optimistic over their prospects for 2015, according to a survey conducted for Liberis. - Credit: Getty Images/iStockphoto

A majority of East Anglia’s smaller businesses are feeling upbeat about 2015 according to a new poll.

A OnePoll survey commissioned by unsecured business loans specialist Liberis showed that two-thirds (69%) of the region’s small and medium-sized firms feel confident about their prospects in the year and half (51%) expect their businesses to grow.

However, nearly a quarter (24%) admitted they expect their business to decline.

Just over a quarter (26%) said they would be looking for business funding in 2015 and 42% plan to approach alternative finance providers while 44% will approach their bank.

The majority (76%) expressed confident in getting the funding they need.

Top reasons for seeking funding in 2015 were to buy new stock and equipment and to pay a tax bill.

Respondents felt that alternative finance provided more flexible funding and that it was easier to apply for and get than traditional funding.

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The cost of funding, followed by speed at which they can get it and ease of application were the most important factors for SMEs when it came to funding choices.

On the subject of business worries, cash flow, costs eating into profits and maintaining financial stability were the top three for the region’s businesses.

Liberis chief executive Paul Mildenstein said: “It has been a tough few years, so it’s heartening to hear that the majority of the region’s businesses are feeling positive about 2015, but it still looks tough for a considerable number.

“Getting working capital has been a struggle too, which has made it even more difficult for businesses to operate, so it’s encouraging that those who need funding feel confident they will get it.”