The number of small and medium enterprises (SMEs) in the UK is now at a six-year high.
According to the National Association of Commercial Finance Brokers (NACFB), the proportion of active SMEs is now at its highest level since before the recession.
Between 2008 and 2011, just over 80,000 companies went out of business, however, in the last two years, that figure has increased by 86,000.
Speaking to Mortgage Introducer, NACFB chief executive Adam Tyler said: “SMEs are the stalwarts of the economic recovery: they have made the early running and played a vital role in brightening the UK’s future prospects.”
However, Mr Tyler added that more work still needed to be done to improve the fortunes of businesses determined to bounce back, saying that making commercial finance more accessible to entrepreneurs should be a priority.
He also noted that the fact that SMEs have “bounced back” quicker than larger organisations since the economic downturn suggested that smaller businesses may be better equipped to adapt to the changing climate.
Posted by the Secret Businessman