Small firms still fighting uphill battle to secure funding

Business leaders of some of the UK’s fastest-growing companies said they found funding to be their biggest blocker to expansion, quoted by 51 per cent of the 380 founders and executives interviewed.

Whilst the majority said they were still hungry for capital (66 per cent), the number of entrepreneurs who said they wanted to raise funds has fallen since last year - down from 71 per cent. 81 per cent of those were looking for a minimum of £5m and 19 per cent up to £10m.

Victoria Price, EY Entrepreneur of the Year Lead Partner in the North, said: “There are more sources of capital available to fast-growth, entrepreneurial companies than ever before.

"In the last couple of years we have seen funding options multiply, which has prompted some business owners to opt for a hybrid funding model – using crowdfunding to supplement venture or angel capital, for example.”