A recent survey by Ipsos MORI revealed that there was a great demand for finance within the business community in Northern Ireland, but not all of this demand was being satiated as many businesses were unaware of how to tap into various funding options.
Cash Flow Shortages Due To The Pandemic
The demand for finance has been driven by cash flow shortages which are mainly due to the Covid-19 pandemic hampering trading over the last 18 months. There is also a desire from many firms to grow their business, which in many instances requires extra funding. Small businesses were especially likely to require these extra funding options.
85% of financial intermediary respondents who were surveyed (these respondents include accountants and lawyers etc) said that they found that many businesses they dealt with had very little awareness of the alternative funding options that were readily available, options such as marketplace and peer-to-peer lending.
Demand For Finance From Smaller Businesses Remains Strong
Mark Sterritt, UK Network Director, Northern Ireland at British Business Bank, was quoted in a recent article on Business Live, saying:
“It is good to see that the demand for finance from smaller businesses remains strong in Northern Ireland as we look towards a period of recovery and growth,”
“The survey also revealed a perceived gap in the supply of later stage equity in Northern Ireland. This presents an opportunity for smaller businesses to look at other funders and widen their connections to networks throughout the UK”
Finance Is Such A Vital Part Of Business
Finance is such a vital part of business, particularly when we go through a period like we have done this past year or so. Without funding sources and grants many, many more businesses here in Northern Ireland would have gone into liquidation. And of course the need for extra funding isn`t always required when a company is going through a rough patch, it can also be when they are forging ahead and need extra liquidity to be able to really grow their products and/or services.
So if you own or manage a business that requires funding at this present moment in time and you are unsure as to what options are out there for you, you can always get in touch with us here at WHR Accountants. We have helped many businesses, both small and medium size, find the right type of funding for their particular requirements.
For more details on our services please give our team a call on 028 3752 2909.