Recent research has indicated that UK businesses are largely apprehensive about what the early part of 2013 will bring.
However the latest SME Trends Index, conducted by commercial finance broker Hilton-Baird Financial Solutions in October 2012, discovered that those using asset based finance to fund their business were most confident about the future having outperformed other businesses in the preceding six months.
In March’s Budget, the coalition government confirmed an agreement with some of the country’s leading banks in an attempt to improve SMEs’ access to finance. The initiative, which has become known as Project Merlin, commits HSBC, Royal Bank of Scotland, Lloyds Banking Group, Barclays and Santander to making close to £200 billion worth of credit available to SMEs this year – up 15% on 2010.
Business owners looking to drive their businesses firmly towards recovery and growth are discovering the benefits of solutions such as asset finance when looking to purchase new plant and machinery.