East Anglia: Four out of five SMEs are planning for growth during 2014, says HSBC Ambitions Businesses report
PUBLISHED: 06:00 09 July 2014
Four out of five small and medium-sized enterprises (SMEs) in the East of England are actively planning for growth this year, according to a new report from HSBC Commercial Bank.
More than half of the SMEs surveyed in the region said competition has increased and more than two out of five firms said that if they did not continue, or start, to invest in growth in the second half of 2014 they risked falling behind the market.
Ian Tandy, regional commercial director for HSBC South and East, said: “We’re continuing to see an increase in lending which reflects the fact that over 80% per cent of SMEs in the region are planning for growth.”
In a continuing sign of caution, however, nearly half of the region’s SMEs still believe it is too risky to commit to significant investment just yet.
But HSBC Commercial Bank’s Ambitious Businesses report warns businesses not planning for growth or making any significant growth investment this year that now is not the time to sit still.
Amanda Murphy, head of business banking for HSBC, said: “There is still a sizeable minority of businesses that are understandably cautious about the recovery and reluctant to make significant investments now.
“These firms risk falling behind their more ambitious peers, and we want to do all we can to help and support them in finding the right solution for their businesses.”