Lancashire entrepreneurs are being asked to consider alternative methods of funding after new research suggests that more than three quarters of entrepreneurs plan to use retained earnings to finance growth within the next year.
Statistics collected for Investec’s Entrepreneur Confidence Index revealed that 79% of businesses plan to use saved funds while 57% will use bank loans or an overdraft. While some businesses will need to downscale and believe access to capital is difficult, 75% are looking to grow by launching new ventures.
Economic development company Regenerate Pennine Lancashire has pledged to help local enterprises access funding through its online support directory and a new service. Their Accelerating Business Growth in Lancashire (ABG) service is designed to meet the needs of local advanced manufacturing SMEs by offering them capital investment for expansion projects, including premises, plant and machinery. The scheme is supported by the Regional Growth Fund.
Steve Hoyle, Regenerate’s Managing Director, said: “It is still a hard time financially for many businesses, but it is very encouraging that many still have plans to grow in the next year. We have funding available through ABG, which can help high-growth businesses achieve what they need to increase their output and compete nationally.”
“We also maintain an online support directory that lists available funding and support available to businesses in Lancashire that would like to start or expand.”
