More North West businesses are using external finance, according to figures recently released by the British Business Bank.
The annual Nations and Regions tracker showed that the North West was one of only three regions in the UK to see a rise in small companies accessing finance.
The North West also saw a rise in equity investment, with the value of deals involving North West businesses growing more than 200 per cent compared to 2021.
Commenting on the British Business Bank figures, Mark Gibbons, senior Access to Finance specialist, said:
“It’s great that more businesses see the benefit of using external finance both to grow and develop their operations as well as to alleviate short-term cash flow issues where necessary.
“However, it’s important that businesses access the most suitable type of finance for their needs and also that they secure an appropriate amount of funds.
“That is where the Access to Finance Lancashire service can help. We have a team of experts based in the county to help SMEs understand their options, find and secure the right finance package for them.
“Get in touch with Access to Finance Lancashire for funded, impartial support and advice at no cost to your business.”
Access to Finance Lancashire, funded via the European Union through the European Regional Development Fund and by Lancashire County Council, offers expert financial support at no cost to eligible businesses.
Ian Dixon, Access to Finance specialist commented on the rise in the value of equity deals in the North West.
He said: “It is positive that the equity market is continuing to grow as an option for North West firms.
“Businesses have been able to access equity finance through Government backed funds such as the Northern Powerhouse Investment Fund and the British Business Bank’s figures show such initiatives are having an impact.”
“However, there is a huge amount for businesses to consider before deciding to raise capital through an equity investment. Business owners should seek advice as early as possible to ensure they are prepared and also that their company is attractive to a potential funding partner.
“The Access to Finance Lancashire can help by providing expert guidance to Lancashire businesses throughout this process.”