BOSSES remain confident about the future of their businesses in spite of the credit crunch, according to banking research.

A survey of Kent business leaders carried out in Maidstone just before the Bank of England cut the interest rate by a quarter of one per cent to 5.5 per cent found that owners and company directors are upbeat.

In the survey by Barclays Commercial Banking, two thirds of entrepreneurs believe their company will grow by more than 10 per cent over the next 12 months, with some expecting to see growth of 20 per cent in 2008.

Speaking in The Orangery, Turkey Mill, Maidstone, Roger Cowap, area corporate director for Barclays Commercial in Kent, said: "Despite recent market turmoil, business confidence among the areas owner-managers is high with the majority confident of their expansion in the months ahead.

"But to stay ahead of the competition, mid-sized businesses need to look at how they manage risks, be it interest rates linked to borrowing costs, foreign exchange fluctuations or the prices of materials or energy."

Meanwhile, Barclays has re-branded its Business banking division as Barclays Commercial Bank.