Small businesses increasingly confident

Its Owner-Managed Business (OMB) Barometer recorded its first rise since the index began, last year in April.

The survey’s found half of OMBs expected to see their sales and revenue increase over the next three months, and three fifths (60 per cent) predicted a long-term rise in revenues, up by 43 per cent from last year.

66 per cent said their current loaning arrangements meet their fiscal needs.

While 8 per cent of businesses felt they did not have enough cash to meet their needs over the next 12 months; two fifths (39 per cent) said they were confident their bank would agree to additional lending if required. 

Commenting on the results of the survey, Tony Leahy of Bank of Cyprus UK said: “It is especially encouraging to see that most businesses feel that their current borrowing commitments are at the right level for growth.

 “The research also reveals that while many are in strong positions; some businesses still need a bit more of a helping hand.”

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