Bosses urged to go for growth

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Small and medium sized Yorkshire businesses need to make investment decisions now to capitalise on the recovery or they may miss the boat, HSBC Commercial Bank has warned.

The Ambitious Businesses report, issued today, shows 65 per cent of SMEs in the region are actively planning for growth this year, and 62 per cent of bosses are confident in the current economic climate, up from 40 per cent the same time last year.

However, 41 per cent still believe it is too risky to make significant investments at this current time.

Mike Hemingway, HSBC commercial director, said: “The findings of today’s report mirror what we’re seeing in Yorkshire. We’re experiencing an increase in our lending and the quality of lending proposals we’re receiving highlight that businesses are viewing the future with real optimism.

“Companies are increasingly requesting our support with access finance for plant and machinery, purchase of premises and investment in stock, demonstrating that confidence has definitely returned. With the indicators all looking positive, now is the time to invest in growth and I’d encourage SMEs in the north-east to find out what support is available to them.”

Amanda Murphy, head of business banking for HSBC, commented: “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.

“We have made available £6 billion of new lending to SMEs in 2014.”