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The Importance of SMEs in the UK Economy

Finance,General News 29/07/2013 1:05 pm

SME’s are the lifeblood of the UK economy, at the start of 2012 there were an estimated 4.8 million businesses in the UK.  Within this population, 99.2% were small businesses.

“According to the Department for Business Innovation and Skills, there were an estimated 4.8 million businesses in the UK at the start of 2012, employing approx. 23.9 million people and having a combined turnover of £3,100 billion.  This contains an estimated increase of 253,000 in the total number of businesses between the start of 2011 and the start of 2012 which, when HMRC additions and ‘smoothing’ are taken into consideration is estimated to be an ‘actual’ increase of between 200,000 and 253,000 (4.4 and 5.6 per cent respectively).  This data only serves to emphasise (and we can’t do this strongly enough!) the importance of SMEs in today’s business landscape.”

There is, however, still a great need for funding to get these businesses from an idea to a successful business, however the business community is proving to be highly adaptive and innovative when it comes to entrepreneurial finance and many are embracing the new opportunities created by online crowdfunding platforms.

With estimates for annual crowdfunding transactions reaching levels in excess of £300 billion for 2013, GrowthFunders co-founder Craig Peterson commented that ‘Crowdfunding will completely change the landscape for start-up and growth financing and the importance that SMEs will play in this cannot be underestimated.  Ironically, still only two thirds of businesses are actually aware of crowdfunding, how it works and what it can do.  It’s time to spread the word and we’re the people to do it.  Support so far, from far and wide, has been absolutely tremendous’.

GrowthFunders is an online crowdfunding platform that makes investing in start ups and growth businesses simple and rewarding.  GrowthFunders are business growth fund and crowdfunding specialists, who fill the void created for alternative business funding solutions resulting from banks’ unwillingness to provide business growth funding. GrowthFunders, via its online platform, introduces investors and entrepreneurs to create mutually beneficial, tax efficient opportunities.  The process enables an investor to spread or limit risk, with added tax benefits, whilst entrepreneurs access business growth funding with enhanced benefits such as increased sales and marketing opportunities, expert mentoring and ‘the power of the crowd’.

To find out more about GrowthFunders and their online platform, visit or follow them on Twitter @GrowthFunders.


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