These issues are an increasing worry for local firms, along with rising costs which were first flagged as a worry for owners in 2022, replacing the impact of Covid which was understandably their prime concern in 2021, the first year of the Business Survey. The study, which surveys business owners’ attitudes and use of finance, was this year supported by Lynn News.   

Over the three years of the survey, the type of funding used by participating businesses reflects some of the challenges encountered by companies in recent years. In 2021, only 2% of respondents used government funding, yet this soared to 52% in 2022 following the launch of the government’s BBLS and CBILS relief schemes in response to Covid. In the latest study, use of government funding had more than halved, while use of asset finance had doubled.

The barriers to using commercial finance remain largely consistent over the three years of the study, chiefly that respondents said they don’t know where to find the right finance, think it would be a hassle to organise and that it might be expensive.

“It’s always interesting to hear what business owners in our region think,” says Complete Commercial Finance director Karl Lanham, “and over three years our survey has revealed several issues which cause continued concern.

“Frustratingly, many companies still incorrectly believe that business finance is difficult and expensive, and struggle to navigate and access the right type of funding for their sector. These barriers are easily overcome by working with an independent commercial finance broker such as ourselves who can often identify sources of funding to support cashflow and growth.

“If anyone is feeling challenged by the current economic climate and its impact on their trading performance, we urge them to reach out and let us help them to explore financial solutions to ease pressures on their business, we are here to help.” Contact Complete Commercial Finance on 01553 611619.