SMEs are benefitting from government schemes to provide greater levels of finance through the banks, opening up plenty of opportunities.

The latest figures show that lending through the Enterprise Finance Guarantee scheme reached £84 million in the second quarter, the highest figures since March 2011.

The EFG is a demand-led scheme which allows banks to lend to SMEs who would not otherwise receive credit, by providing the banks with a government guarantee for 75% of the loan value.

Increases in EFG lending showcase the efforts of small companies to invest and grow, it also acts as a wider indication of economic growth.

Finance is the driving force of any business as it would be impossible to support growth without the necessary cash.

However, IT equipment can now play a vital role in improving efficiency and maximising workforce output, placing greater onus on companies to invest in it.

Software programs that can improve the running of the company and promote greater data handling mean SMEs can have increased rates of growth

In certain cases, IT solutions can help the SMEs to tackle issues that they would have otherwise struggled with, providing the company with a relatively pain-free management system.

Cloud computing enables larger data sets to be explored while accounting software can ease the burden on the shoulders of those in the finance sector.

In many ways, it is up to SMEs as to how they want to spend their money, but a little bit of government assurance could go a long way.

Companies need to be aware of the benefits that IT may bring and then once they understand the propositions placed in front of them they are more likely to invest.

It might even be the case that adopting certain IT structures can be the difference between a company being successful and one that is struggling to get off the ground.

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