It is a well documented fact that the majority of small businesses have found gaining access to additional finance increasingly difficult throughout the recession. Indeed, despite poor market conditions and an overall decrease in consumer confidence, many small business owners and entrepreneurs who have recently completed the company formation process, have stated that not being able to get funding has been the biggest challenge they face. But is it an issue which affects all areas of the country equally?
Well according to recent research, completed by market research company ‘F.A Research’, funding is much harder to access in the North than it is in the south.
The survey, which included over two hundred business owners, found that companies situated in the North are much more concerned about finance than their counterparts down south.
Stephen Howls, director of private enterprise firm ‘Howls Investment’ comments ; “ In the context in which businesses are waiting to see exactly what impact the government’s cuts in public spending will have on their business, this research is extremely worrying. It also prompts the question of whether the government’s plans to cut back on local enterprise support is a little short sighted.”