Small businesses are starting to experience a ‘tentative recovery’ according to new statistics from the Federation of Small Businesses.
The results from the 10-month analysis show that the economic position small businesses are in is starting to improve since a low point at the end of last year.
John Wright, National Chairman, Federation of Small Businesses, said: ‘Small businesses are naturally flexible and innovative in recessions and these figures show that despite the very many negative forces on them, they are being cautiously optimistic and are looking to expand.’
At the end of last year 40% of small businesses were reporting the cost of finance as a big problem. Now that figure has dropped to 25% and 68% of all business owners are looking to act on a rise in confidence with plans to grow in the next six months.
Mr Wright added: ‘Although we are certainly not out of the woods yet, many small firms are seeing increased footfall and finding it easier to obtain crucial finance than in the winter months, when things were at their worst so far.’
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