Second consecutive year for small business growth

Small businesses in the UK have seen a second consecutive year of growth, according to the annual Hiscox DNA of an Entrepreneur report.

The report showed that 64 per cent of small businesses have reported revenue growth over the past 12 months.

Opinions

The report also highlighted concerns amongst the UK’s small businesses, with 22 per cent saying that political instability was their main concern - however, over 50 per cent said that they were not worried about the impact of the Brexit vote.

The report also looked at how businesses feel about funding. It found that 16 per cent believe that funding from banks is more difficult to access, which is a 13 per cent increase from 2015.

Funding

However, a number of banks have recently announced that they are launching a lending fund to help small businesses.

Earlier this year, NatWest announced that it would launch a £1 billion fund to support small businesses, whilst HSBC also pledged to support businesses through a $150 million funding line.

According to the report, there has also been an increase in the number of UK businesses considering raising venture capital funding, up from 4 per cent to 6 per cent.