Bosses of small and medium enterprises (SMEs) are concerned that access to finance will become harder over the next three years as they continue to battle with the late payment of invoices.
Research from MBH Corporation found 40% of SMEs have fears that funding applications will become more difficult, with just 10% expecting the process to become easier.
Over the past year, more than a third of SMEs have reported an increase in the time customers take to pay invoices, underlying the need for access to finance.
For SME bosses, funding is a major issue as 30% of them said they will want to borrow to fund growth over the next two years.
Callum Laing, chief executive of MBH Corporation, said: “SMEs are generally optimistic about the future as underlined by their plans to access finance for expansion shows. The good news is that experience over the past year shows that SMEs which have applied for finance have been successful.”