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Peter Lugg of Monahans

Forty percent of local SMEs expect annual growth of 10 percent or more

Forty percent of businesses expect growth of over 10 percent in 2014, according to a new survey. But banks and advisors need to help SMEs access the funding that will fuel growth.

And the research conducted by Swindon, Chippenham and Trowbridge-based accountants Monahans in conjunction with the MHA, the UK association of independent accountants and business advisors, suggested that accessing finance was becoming easier.

Of the 225 South West businesses polled, fifty eight percent of respondents said they found it “very easy”, “easy” or “average” to raise the funds necessary for growth.

A third of funding raised in 2013 was for investment in property or plant, the survey showed, while a third of respondents sought advice from their accountants, and twenty nine percent sought advice from their bank.

Peter Lugg Head of Monahans corporate finance department, said: There are likely to be some exciting developments ahead for those SME businesses that are financially strong enough to take advantage of the growth opportunities which are starting to present themselves.

“Now, more than ever, is the time for funders and advisers to help business owners access the most appropriate funding, taking into account the sectors in which their businesses operate and their key growth drivers.

“This opens up opportunities not only for SMEs to access more varied and creative sources of funding, but also for the government and the finance industry as a whole to play their part in the economic recovery, by supporting our successful business owners with clear guidance on their funding options.”