Hertfordshire LEP has commissioned a survey of SMEs in the county to assess the demand and need for grant and loan schemes.
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.
The findings of this survey will be fed into our strategic priorities to help leverage other funding streams and accelerate SME growth plans.