{"id":61160,"date":"2023-03-03T00:01:31","date_gmt":"2023-03-03T00:01:31","guid":{"rendered":"https:\/\/www.businessinnovationmag.co.uk\/?p=61160"},"modified":"2023-03-03T00:01:31","modified_gmt":"2023-03-03T00:01:31","slug":"one-in-two-south-west-smaller-businesses-sought-external-finance-over-the-last-three-years-finds-latest-british-business-bank-research","status":"publish","type":"post","link":"https:\/\/thebusinessmagazine.co.uk\/companies\/one-in-two-south-west-smaller-businesses-sought-external-finance-over-the-last-three-years-finds-latest-british-business-bank-research\/","title":{"rendered":"One in two South West smaller businesses sought external finance over the last three years, finds latest British Business Bank research"},"content":{"rendered":"

SMEs in the South West received 13 per cent of all announced equity deals during the first three quarters of the year, worth \u00a3528 million, a 46 per cent increase over the same period in the previous year, according to new figures published by the British Business Bank<\/a>.<\/p>\n

The bank's Small Business Finance Markets 2022\/23 report also shows there has been a significant demand for external finance in the South West.<\/p>\n

In 2022, 47 per cent of smaller businesses in the region sought or applied for external finance in the last three years - the second highest of any region in the UK.<\/p>\n

Gross lending grew despite fewer smaller businesses using finance, as they sought larger loans to support their business due to inflationary pressures.<\/p>\n

In addition, survey findings show that success rates for those seeking loans fell sharply from 80 per cent to 64 per cent year on year.<\/p>\n

Although the South West\u2019s concentration of announced equity deals increased in 2022, reaching six per cent and accounting for four per cent of all equity investment in the UK, there is still a drop from 67 per cent of all investment in 2021.<\/p>\n

This decrease is due to a small number of large investments made in the North West, North East and the South East during 2022.<\/p>\n

For the smaller business equity finance market specifically, investment activity in the UK has slowed considerably since Q3 2022.<\/p>\n

Across the UK for overall bank lending, \u00a335.5 billion came from challenger and specialist banks in 2022, with a total 55 per cent share of the market.<\/p>\n

Data also shows that the South West accounts for seven per cent of net zero-related deals and three per cent of the investment value, compared to a share of low-carbon sector turnover of just 11 per cent.<\/p>\n

The total investment of these net zero deals reached nearly \u00a3211 million, with the South West\u2019s 2020 low-carbon and renewable energy sector turnover at \u00a34.7 million.<\/p>\n

The British Business Bank is committed to financing ground-breaking solutions to climate change to help smaller businesses transition to net zero.<\/p>\n

By breaking down barriers it will enable more entrepreneurs and business owners to contribute to the goal of a net zero economy by 2050.<\/p>\n

Steve Conibear, UK network director, South and West of England at the British Business Bank, said: \u201cOur report highlights the South West\u2019s entrepreneurial spirit, with businesses in this region more likely to seek external finance than the national average.\u201d<\/p>\n

\u201cEnsuring that businesses can access the skills, support and finance is crucial to supporting economic resilience and future growth.<\/p>\n

\"The launch of our \u00a3200 million South West Investment Fund this year will increase the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

SMEs in the South West received 13 per cent of all announced equity deals during the first three quarters of […]<\/p>\n","protected":false},"author":77,"featured_media":57140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,263],"tags":[36646],"taxonomy":[38649,38650,37431],"listing_catagory":[],"acf":[],"category_names":["Business News","Legal & Professional"],"_links":{"self":[{"href":"https:\/\/thebusinessmagazine.co.uk\/wp-json\/wp\/v2\/posts\/61160"}],"collection":[{"href":"https:\/\/thebusinessmagazine.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thebusinessmagazine.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thebusinessmagazine.co.uk\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/thebusinessmagazine.co.uk\/wp-json\/wp\/v2\/comments?post=61160"}],"version-history":[{"count":0,"href":"https:\/\/thebusinessmagazine.co.uk\/wp-json\/wp\/v2\/posts\/61160\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thebusinessmagazine.co.uk\/wp-json\/wp\/v2\/media\/57140"}],"wp:attachment":[{"href":"https:\/\/thebusinessmagazine.co.uk\/wp-json\/wp\/v2\/media?parent=61160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thebusinessmagazine.co.uk\/wp-json\/wp\/v2\/categories?post=61160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thebusinessmagazine.co.uk\/wp-json\/wp\/v2\/tags?post=61160"},{"taxonomy":"taxonomy","embeddable":true,"href":"https:\/\/thebusinessmagazine.co.uk\/wp-json\/wp\/v2\/taxonomy?post=61160"},{"taxonomy":"listing_catagory","embeddable":true,"href":"https:\/\/thebusinessmagazine.co.uk\/wp-json\/wp\/v2\/listing_catagory?post=61160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}