Record numbers of businesses trading in the West Midlands
The number of active businesses in the West Midlands has reached a record high, according to new Government figures.
Figures from the Office of National Statistics show that the number of businesses in the region reached 198,765 in 2014 – up by three per cent on the previous year and 10 per cent higher than in 2004.
During the year there were 25,740 business start-ups – around the same level as in the previous year, but 12 per cent more than 10 years before. During the year 19,100 businesses closed down, four per cent more than in 2013.
The figures also show that 41.5 per cent of West Midlands businesses started in 2009 were still going in 2015, in line with the UK average.
According to small business finance provider Ashley Business Finance, the figures indicate that the UK has entered a new age of entrepreneurialism.
Owen Bradbrook, regional sales executive for Ashley Finance in the Midlands, said: "The number of start-ups has been rising significantly in the past few years – in the West Midlands and in the country as a whole. Successive waves of redundancies during the downturn have helped to create a new generation of entrepreneurs. Advances in IT have made it easier to set up alone, while 'celebrity entrepreneurs' such as Richard Branson have inspired people of all ages and backgrounds to run their own business.
"At a time when traditional bank lending has been in decline, alternative finance providers have been playing an important role in supporting this new wave of early-stage businesses. Although funding still remains a challenge, there are now many more options for start-ups and SMEs. The alternative finance market has been growing rapidly. Firms need to be aware that we are in a completely new funding landscape and find out more about the options available."
