Welsh Firms Have Better Access To Finance

Fri, 19 Nov 2010

Small businesses in Wales have better access to finance than firms elsewhere in the UK, according to new research.

The Association of Chartered Certified Accountants (ACCA) and CBI carried out a survey of 380 small and medium-sized firms (SMEs) and nearly 100 accountancy practices across Britain.

Firms based in Wales reported better access to loans and other forms of business finance than anywhere else in the UK, and also said they felt that their cash positions and credit management policies were stronger than companies in other regions.

The study found that bank overdrafts were the most popular form of finance for SMEs in Britain, with one in three per cent of respondents saying they had applied for an overdraft facility and just under three quarters (73 per cent) successfully obtaining one.

David Rosser, CBI Wales director, said: "This survey shows that SMEs are turning to a wider pool of funding options to get the credit they need to grow their businesses."

"Trade credit is a hugely important source of funding and many firms are choosing to extend terms with suppliers and use late payment rather than seek external finance ."
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