SMEs still feel like they are operating in a recession, report finds
It may be technically over, but small and medium sized businesses say we might as well still be in a recession
According to a new report, 85% of SMEs say they still feel like they are operating in a recession even though, officially, the UK has been out of the recession for nearly a year.
The report, by Asset Based Finance Association and SME Invoice Finance, shows that, while many reports talk of increased business confidence around the nation, nearly a third of small businesses are pessimistic about their future.
Only 16% of businesses are very optimistic about their outlook, while only half are slightly optimistic about what's ahead. The study also found that over two thirds of SMEs think there is a clear lack of support in their area to stay afloat and prosper.
The biggest financial concern for a quarter of businesses is a lack of access to finance with many doubtful that this will improve soon.
A third believe it will be more than 18 months before they see an improvement in the availability of finance, while a similar number don't think it will ever get easier