A majority of small businesses are now looking to invest in their business spurred on by the 1% increase in GDP.
A survey of 2,000 small UK businesses by Freelancer.co.uk, the outsourcing marketplace, said 58% of small businesses are now confident enough about the future to invest and grow.
However, the survey also shows 61% of the businesses were refused a loan from a bank and will be using their own money to invest. The results show that 43% of businesses will use savings, while 19% will borrow money from friends and family.
The survey found, however, that while businesses want to invest, they are wary about taking on new staff with 34% saying they would rather spend on marketing.
Online accounted for 43% of intended investment area and the survey also found that 48% would be investing in hiring freelancers as a flexible resource.
Matt Barrie, Freelancer.co.uk’s CEO, said: "The Olympics may have given the UK economy a shot in the arm, but this survey shows that small businesses believe that growth is now sustainable."