With the new campaign urging consumers to support SMEs, the ICAEW has been asking government to nurture their growth by offering a guarantee on bank loans to businesses which have been trading between two and five years.
Following five consecutive quarters of rising business confidence, 25 per cent of SMEs are projecting turnover growth of 10 per cent or more in the next twelve months, as reported in the ICAEW UK Enterprise Survey 2013.
“It’s great that campaigns like Small Business Saturday are putting SMEs in the spotlight. We encourage consumers to use small businesses, and urge Christmas shoppers to boost the business of their high street heroes,” says Clive Lewis, head of enterprise at the ICAEW.
“But with small businesses still struggling to get loans, despite the Bank of England’s funding for lending scheme, more needs to be done. Government needs to build on their efforts to back small businesses, tap into their entrepreneurial spirit and guarantee their growth.”
For SMEs wishing to grow, sound business and financial advice is key to their success. Lewis adds:
“Small businesses put more emphasis on increasing turnover, rather than profitability, so it’s vital that they turn to tailored accounting advice.”
Small Business Saturday is this Saturday, December 7.
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