Accessing Capital For Growth Still Major Challenge For Yorkshire Businesses
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Accessing capital to fund growth plans remains one of the biggest challenges facing Yorkshire businesses over the next six months, according to accountancy and business advisory firm, BDO.
BDO LLP’s latest bi-monthly Economic Engine survey of 500 mid-market businesses, has revealed that nearly a third of regional businesses (32%) are struggling to secure funding, whether that’s through bank loans, private equity, private credit loans, or government grants.
The survey of mid-sized businesses has shown that despite inflation easing in recent months, reaching its lowest level for more than two years, regional businesses are still suffering from inflationary pressures. Nearly a third of Yorkshire companies (32%) said declining customer demand, triggered by consumers spending less due to ongoing high living costs, as well as an increased number of B2B customers going out of business, was impacting their bottom line.