EPRENEURS were confident over summer thanks to better access to finance and greater political certainty, according to survey data released today.
Lending to businesses reportedly picked up, with 64 per cent of entrepreneurs surveyed by law firm Bircham Dyson Bell raising additional funding while the sun shone.
But banks were not the only source of finance, with 85 per cent of those raising cash doing so from a combination of government, shareholders and crowdfunding.
“Confidence among British businesses has clearly returned and, importantly, the banks are back on board. The increase in investment which this research has revealed helps entrepreneurs build for the future leading to growth and more jobs,” said Jonathan Pfahl, managing director at Rockstar Mentoring Group, which helped undertake the research.
The survey suggests that certainty on who the governing party will be for the next five years is a driver for increased business confidence, the research said. Entrepreneurs’ confidence was reflected strongly in their expectations for profit over the coming months – 92 per cent believe they will be profitable.
Hiring intentions are buoyant, with 55 per cent planning on increasing their headcount over the coming months. Only 35 per cent said they had taken on more workers in spring.
Optimism was also reflected in the fact that the 74 per cent of entrepreneurs would feel confident about starting a new business in the current economic climate.