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When the high street banks say no do you know where to turn?

When the high street banks say no do you know where to turn?

Interesting article in Bridging and Commercial* today from a report entitled “Improving Access to Finance for UK SMEs”

Some of the key findings from the report which claims to be one of the biggest surveys of SMEs and specialist lenders ever undertaken are

  • more than half of small business owners (52.5%) approach their high street bank first, despite the growth in alternative sources
  • but just under half (46%) who applied to their banks were declined
  • half of those who were declined then chose to look no further for funding, believing that there were no other avenues to explore
  • asked why they had given up looking, SME owners cited accessibility, lack of understanding and confidence in lenders they had not heard of as contributory factors
  • some 31% believed fees and/or interest rates charged by non-high street lenders would be too high, 26% were not confident of lenders that were non-mainstream and 11% were concerned about the longevity of new lenders
  • some 29% of lenders agreed that unfamiliarity with them and their service were reasons why SMEs did not contact them, while 22% believed that business owners did not know how to contact them

From the report it shows the SMEs don’t know where to turn after approaching their high street bank. J&J Commercial Finance have access to over 250 lenders and work with businesses to create the funding package they need by using a range of specialist lenders. If you’re interesting in finding out how we can help you then contact us for a free no obligation discussion and get a true picture of what finance options are available to your business

*https://bridgingandcommercial.co.uk/article-desc-14306_

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