Leeds startups at risk: one in ten lack resources for growth
A lack of access to critical resources is placing Leeds startup businesses at risk, according to new research from HSBC UK.
The data, taken from a survey of 1,000 UK entrepreneurs*, found that 12% of Leeds founders lack the resources and support they need to start their business.
The primary areas where more support is needed are borrowing to invest in business growth (28%) and technology and innovation (27%). A quarter (25%) also cited non-financial support from friends and family as a basic requirement for beginning a business.
The research coincides with the launch of HSBC UK’s ‘Small Business Growth Programme’. Working in partnership with Microsoft, UpSkill Universe, and WIRED, HSBC UK seeks to support small businesses in their first year and beyond by sharing key resources.
Even after starting a business, 23% of Leeds founders continue to struggle, with 4% stating the sources of advice and support they have used don’t meet their full needs.
HSBC UK’s Small Business Growth Programme, which is open to both customers and non-customers, offers free tools, training and webinars designed to boost financial resilience and growth.
Tom Wood, Head of Business Banking at HSBC UK, said: “Whilst we’re seeing growth in the number of British startups, it’s concerning to see many of those believe their future is uncertain due to access to the right support.
“Launching a new business can be in equal parts rewarding and stressful. We need to see more collaboration between Government and industry to create accessible tools and tailored advice to help propel startups to success.
“By offering practical tools, training and expert-led webinars, we hope to boost the financial resilience and growth of these businesses when they need it most – that’s why we’re pledging to reach one million businesses in the initiative’s first year, showcasing HSBC UK’s commitment to supporting entrepreneurs at every stage.”