The research found that the majority of OMBs (63 per cent) did not need any additional finance but of those who did, 27 per cent injected personal funds and 6 per cent sought help from a new investor or business partner.
More than half of businesses (54 per cent) said that they do not plan to apply for new or increased facilities from their bank in the next twelve months, although there was increased confidence (40%) that their bank would agree to such a lending request. This figure is up significantly from July 2013 where only a quarter (24%) thought their bank would agree to such a request.
Tony Leahy of Bank of Cyprus UK said: “For small businesses, a healthy cash flow is their lifeblood, so it is positive that OMBs are increasingly confident that their bank would be willing to support them should they need to apply for increased facilities.
“That said, it is worrying that so few OMBs appear satisfied with the support they are getting from their bank. It is clear that whilst banks may be more open to requests for funding, they equally need to up their game in terms of their quality of service if they are going to successfully retain their customers”
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