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Entrepreneurs expect tough funding climate to continue

London, UK (04/08/2011)

LONDON ( “Three fifths of entrepreneurs expect the funding climate to be 'very difficult'”

Three fifths of entrepreneurs expect access to capital to be ‘very hard’ over the next 12 months, research finds.

The figure of 60 per cent is down from 75 per cent last November, according to research among some of Britain’s most successful entrepreneurs by Investec Specialist Private Bank, but still represents a majority of respondents.

Ed Cottrell of Investec says, ‘Our findings suggest that many of the country’s leading entrepreneurs are feeling optimistic about their future prospects, but these could be put in jeopardy if they cannot obtain access to capital.’

Some 39 per cent expect conditions for accessing external sources of capital over the next 12 months to be ‘normal’ or ‘easy’, in comparison to 25 per cent who said this six months ago.

The findings reveal that successful entrepreneurs will use a variety of sources to secure capital over the next 12 months, with 59 per cent expecting to use a bank loan or overdraft, compared to 61 per cent in November 2010.

Just over one in three (35 per cent) plan to raise equity through venture capital and/or private equity (compared to 25 per cent last November), and one in four (24 per cent) will use invoice discounting or asset based lending (excluding leasing).

Only 22 per cent of those interviewed said that they had no plans to raise capital from external sources over the next 12 months, with 26 per cent planning to raise £10 million or more.

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