Starting a new business? Get 40% off our accountancy services for 3 months! 😀


A large number of small and medium-sized enterprises (SMEs) are expecting to see growth over the next 12 months amid signs of positive growth in the economy.

Information from research company BDRC, 51% of the SMEs questioned said they planned to expand their business, up from 48% in the previous quarter.

However, the survey showed that many businesses are turning away from traditional banking products in favour of alternative methods of finance.

Just one in three SMES are using loans, overdrafts, commercial mortgages and credit cards to further growth. This figure remains almost unchanged from the last quarter, fuelling concerns amongst some business groups that the banking industry will potentially halt economic growth rather than supporting it.

The research also suggests there was a 5% increase in the number of businesses turning to friends and family for finance.

Commenting on the findings, Phil Orford MBE, Chief Executive of the Forum of Private Business, said: ‘This latest data further highlights the urgent need for the banks to lend to businesses looking to grow and employ. Without further support for Britain’s SMEs, a key driving force behind the economy, the recovery could stall before it has been given a chance to take hold.

‘Businesses also need to have access to more information about the current finance support schemes, more comprehensive advice on the alternatives available and easier access to the appeals process when an application fails’.




About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

More posts by this author
Inline Feedbacks
View all comments

Read more posts...

Umbrella Companies for Self-Employed Contractors

When you set up in business as a contractor you might either work as a sole trader or as a limited company….

Read More

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.


You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?


Call us on 020 3355 4047 if you’re not sure.