Small firms are showing a greater level of confidence heading into the New Year compared to the same time last year, according to research from the Federation of Small Businesses (FSB).
The Small Business Index – the measure of confidence in the sector – is some 18.8 points higher than Q4 last year when the economy entered into double-dip recession. However, it has fallen by 1.1 points against Q3 to record a score of -5.6.
The index also shows that fewer small firms applied for finance in the last quarter, but of those that did, a higher proportion were accepted – 49.35% up from 42.85% in Q3.However, less than one in ten respondents still consider credit to be easily available.
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