Access to Finance Survey

                           
02/05/2017

The LEP has commissioned a survey of SMEs in Hertfordshire to assess the demand and need for grant and loan schemes to support growing businesses.

The main results were:

  • 160+ SMEs responded (57% micro; 43% SME)

  • 56% of Hertfordshire's SMEs are planning to invest in business growth projects in the next three years

  • The largest providers of funding for growth are banks and SME owners

  • Nearly 80% of SMEs think external finance is important to support business growth

  • The single largest barrier to securing external finance is the cost of credit

  • Over 70% support LEP proposals to introduce grant and loan programmes. These will be designed to leverage other funding streams and help accelerate SME growth plans