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Peer2Peer Finance News | August 18, 2019

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SMEs plan to ramp up borrowing to fund summer growth plans

SMEs plan to ramp up borrowing to fund summer growth plans
Jordan Bintcliffe

SMALL- and medium-sized enterprises (SMEs) across the UK are planning to increase their borrowing to expand their business over the summer months. 

21 per cent of SMEs surveyed by Nucleus Commercial Finance believe summer is the most important season for their business, and 40 per cent expect their income to increase over this period.

56 per cent of businesses who believe summer is a key season intend to access alternative finance to maximise their opportunities.

Read more: Nucleus Commercial Finance hits £1bn lending milestone

The top three reasons to access additional funding were for expansion across the UK (19 per cent), increasing headcount (17 per cent) and launching new products or services (13 per cent).

“Despite a tough economic environment, SMEs still have ambitious plans this summer, with many planning on accessing additional finance to support their business,” said Chirag Shah, chief executive at Nucleus Commercial Finance.

“This finance is enabling small businesses to maximise on the opportunities the summer provides, whether that be to expand across the country, increase their staff count or launch new products and services.

“SMEs play a vital role in the UK economy and ensuring they have access to finance that can enable their growth is paramount.”

Read more: Nucleus targets start-ups with new type of loan

Read more: Nucleus Commercial Finance secures £40m backing from M&G