73% of businesses in the Derry City and Strabane District Council area expect to grow over the next 12 months, making it the most optimistic of the six regions within Northern Ireland contained in the British Business Bank and Enterprise Northern Ireland’s second annual Access to Finance Report.
The report looks at SME’s.
21% of North West businesses projected stability over the next 12 months; 6% expect to contract, the joint lowest rate among regions; and no North West businesses stated that they were trading with difficulty or at risk of closure, the only region to report such a stat.
70% of North West businesses also report confidence in accessing external finance, making it the second most confident region in that regard, behind only Mid Ulster (73%).
71% of North West businesses reported the use of external finance, the second highest rate among regions, behind only Mid Ulster (75%)
Despite this, 24% of North West businesses report experiencing barriers to accessing external finance, making the region the second worst affected, once again after Mid Ulster (31%) and worse off than the Northern Ireland average of 21%.
The most common barriers reported in the North West were ability to obtain/repay finance and lack of awareness or availability of finance options support (both 30%). 71% of North Western businesses reported having no need for external finance, while 78% of Northern Ireland businesses as a whole reported the same.
59% of businesses in the North West expect to require additional funding over the next 12 months, placing the region ahead of the NI average of 48
97% of North West businesses reported a manageable debt level, the best level among regions within Northern Ireland and ahead of the Northern Ireland average of 91%.
The report can be read in full HERE.
