Almost four in ten UK SMEs are planning to invest in their IT infrastructure over the coming year. According to commercial finance experts Norton Folgate, those smaller businesses are planning to spend an average of around £5,000 on IT products and services.
Norton Folgate founder and principal Robert Keep said: “Most SMEs understand the critical importance of up to date IT systems and this is reflected in their willingness to invest in new equipment over the next 12 months.
“We’re finding that many small business owners increasingly see the value of using asset finance to acquire these rather than tying up working capital or turning to bank overdrafts and expensive credit cards.”
The findings come on the back of news that Lloyds Development Capital (LDC) has committed a further £450m to invest in the next generation of London-based SMEs over the next three years, boosting the possibilities for smaller businesses to grow through private equity finance.