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Firms cry out for help as the pain of recession keeps biting
Small businesses in Bury St Edmunds are calling for help to battle a more severe recession than previously predicted, it has been claimed.
Owners of firms with an annual turnover of up to 15 million in the region claim they need more support to beat the downturn, according to research by Lloyds TSB Commercial.
About half of those quizzed in East Anglia said they feared the credit crunch would be longer and deeper than anticipated, while two-thirds of those polled said they needed more guidance about keeping costs down.
Steve Elsom, area director for Lloyds TSB Commercial in Suffolk, said: "Businesses in Suffolk are going through an extremely tough trading period and many have already made some difficult decisions to help mitigate the impact of the recession.
"But, as the economy continues to falter, it is critical businesses get the support they need."
Late payments from clients and customer demand are the top concerns for small businesses in the area, followed by the need to keep current customers and the rising costs of raw materials. The government advice body, Business Link in the East of England, reported 13,558 companies and entrepreneurs in Suffolk had come to the organisation for advice over the past year.
In St Edmundsbury, 1,710 small and medium-sized businesses had sought help over the past financial year.
Pat Smith, chief executive of the initiative, said: "It is important to remember these numbers equate to real people and future entrepreneurs in our region. Many of these people have come to us for help due to the impact of the economic downturn on their business."
Despite the gloomy economic climate, the number of new business start-ups in St Edmundsbury has jumped from 297 between 2007 and 2008 to 438 between 2008 to 2009.
Mrs Smith said: "Our priority for the year ahead is to respond to the needs of our customers, ensuring our services add value to their business operations and start-up ideas."
For information about Business Link, visit www.businesslink.gov.uk/east
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Weather for Bury St Edmunds
Wednesday 23 May 2012
Today
Sunny spells
Temperature: 11 C to 24 C
Wind Speed: 9 mph
Wind direction: North
Tomorrow
Thunderstorm
Temperature: 12 C to 23 C
Wind Speed: 14 mph
Wind direction: North east
