According to a recent survey conducted by the British Business Bank, there are positive indications of a rebound in the use of external finance among small businesses in early 2023. This comes after a previous decline observed across various UK nations and regions in 2022.
Throughout 2022, 36% of smaller businesses sought external financial support with the East of England recording the highest use of external finance (41%) and the South East and East Midlands reporting the lowest share (34%). The first half of 2023 has however seen some encouraging signs of recovery, with levels of external finance returning to 2021 levels (43%).
The survey revealed that more small businesses are leveraging external finance to enhance their cashflow and stimulate growth. This shift in financial management approach denotes a significant recovery from the economic downturn experienced in 2022. It's also indicative of the increasing confidence among small business owners in the UK's economic landscape, as they venture into more aggressive strategies to boost their operations.
The willingness to utilise external financing solutions demonstrates the resilience and adaptability of these enterprises. Furthermore, the increased utilisation of external finance could indicate an expanding business environment as companies look towards strategic investments and growth opportunities.
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