The latest SME Finance Monitor, published by BDRC Continental, found that nearly eight out of ten companies have had the green light for finance in the past 18 months and confidence among SMEs is at its highest levels since this survey began in 2011.
However, the survey found that businesses are much more likely to get funding than they think as confidence that banks will lend remains below the actual levels of success reported to date.
During the first quarter of 2015, 55 per cent of those surveyed were confident that their renewal would be successful, compared with a current success rates of 98 per cent. Meanwhile, 40 per cent were confident about a new facility, compared with a 65 per cent success rate.
Overall, the SME Finance Monitor said 76 per cent of applications for finance in the last 18 months were successful, with the figure growing steadily over recent quarters.
Only 6 per cent of companies surveyed in Q1 2015 viewed access to finance as a barrier growth. This comes behind the current economic climate (13 per cent), legislation and regulation (12 per cent), political uncertainty/future government policy (10 per cent) and cash flow/late payment (8 per cent).
A spokesman for the BBA welcomed the findings and said: “It’s great that businesses are saying they feel positive about their future and very few now see securing finance as a barrier to doing business.”