Over two-thirds of SMEs have no finance fears over Brexit

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Only SMEs in Greater London show concern over finance access says Close Brothers

More than two thirds (70 percent) of UK SME business owners are “confident” that the UK’s decision to leave the EU will have no impact on their ability to access finance.

This is according to the Close Brothers Business Barometer, a quarterly survey of UK SME owners and senior management across a range of sectors and regions.

Europe-Landscape-185x136Only in Greater London did over half of businesses (57 percent) answer “yes” to the question: “Do you expect your access to finance to be impacted by Brexit?” In contrast, in Northern Ireland and Wales, only 14 percent and 18 percent of business owners, respectively, answered “yes”.

“Overall, UK SMEs feel that despite the outcome of the EU referendum, their access to finance has not been noticeably disrupted, and nor do they expect it to be,” said Neil Davies, CEO, Close Brothers Asset Finance.

“Apart from Greater London businesses, all other regions feel that Brexit will have a limited impact on their ability to raise finance.

“We have consistently said that despite the outcome, it’s very much ‘business as usual’ and that we will continue to provide our customers with funding, as we’ve historically done through all economic cycles and periods of uncertainty,” Davies said.

The survey canvassed the opinion of over 900 SME owners across the UK.

@AntonySavvas