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An international trade survey has highlighted that demand for UK products is fuelling export growth, with more than 70% of businesses boosting their export drive and posting increased turnovers. The survey was produced by The Institute of Export and Trade and Export Finance Ltd, and sponsored by Bibby Financial Services. It found that companies with turnovers exceeding £1m are marking the strongest growth, and more than 50% of participating businesses say exports make up half of their total turnover. The biggest barriers to growth were identified as lack of access to finance coupled with a shortage of skilled staff. Lack of support from banks is forcing 66% of the 1,800 participating companies to dip into their own finances to drive growth. SMEs with turnovers below £5m and expanding order books are the hardest hit when seeking support from banks and government departments. The report also highlights that in spite of the government placing a strong emphasis on accelerating growth through exporting, many businesses dealing in international trade are unaware of the support and advice available from government agencies. With less than 10% of companies with a turnover of about £1m receiving government support, survey author Mark Runiewicz, CEO of Trade and Export Finance Ltd, which specialises in providing advice on all aspects of banking and finance, is calling for a more focused and joined up strategy. He said: “We need to help exporters access the finance available to fund their order books and remove the blocks placed by banks to fund profitable businesses. We have anecdotal evidence of businesses that could increase their business and meet the demand for products if they had the right level of funding.” Other Business Money News
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