The growth and funding ambitions of SMEs have strengthened during 2019 despite the uncertainty caused by Brexit negotiations.
According to a new report from asset-based lender Independent Growth Finance (IGF), almost three quarters (73%) of small businesses expect to see their revenues climb in the next 12 months, compared to 69% at the start of the year.
Of those seeking to raise funds to support growth, the average amount has also increased by 22%, or £250,000.
Three-quarters of businesses are looking to secure funds in the next 12 months. On average, they are seeking £1.4 million.
Most of this spending is earmarked for innovation with investment being poured into technology (45%) and product development (27%).
The survey found that 85% of respondents were open to switching their funding provider in exchange for more flexibility (35%), sector-specific expertise (32%) and 48-hour decision-making (26%).
John Onslow (pictured), chief executive officer of Independent Growth Finance, said: “It’s incredibly encouraging to see so many SMEs focused on the future. Making decisions that are best for them and their employees in an unpredictable landscape. This includes a greater willingness to switch funding providers to get the flexible funding they need, when they need it. We’re not surprised that our research shows three of the top five funding sources are alternative finance.”