With small to medium enterprises making up more than 90% of the UK’s businesses, it’s no surprise that financial landscape is forever changing. Traditionally, businesses would have sought the help of banks for business loans and additional funding options. But with a decline in bank lending, there is now a shift towards alternative finance for financial solutions.
As the industry continues to grow in size, alternative finance is now a significant funding option for businesses seeking growth and development opportunities. With this in mind, Think Business Loans outlines why alternative finance is a vital option for SME’s.
As we make our way to, yet another, Brexit deadline, it’s no surprise that banks are likely to be more cautious in their decision-making process. Even when a decision has been made, there’s no guarantee that this funding option will be flexible enough to combat the challenges that lie ahead. What’s more, the business loan offered by your local bank may not work to suit the needs of your company and could cause irreversible damage in the event of a crisis.
Statistics show that 31% of businesses would change their funding provider for a more flexible option. As a result, alternative finance is vital for businesses looking for a bespoke option that works with the needs and desires of their businesses in order to prevent catastrophic damages.
Know your funding options within 24 hours
According to Financial Director, over half of businesses had to wait for at least a month for a funding decision in 2018. As the UK continued to be shrouded in uncertainty, it was vital for businesses to need quick, flexible funding to help adapt to sudden changes.
At Think Business Loans, we’re founded on the belief that SME’s deserve access to fair and uncomplicated funding solutions. That’s why we pride ourselves in offering SME’s access to funds from 24 hours after their application has been approved.
If you would like more information on how Think Business Loans can assist your company, get in touch with our lending managers today on 0203 880 9880.
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Jessica Court graduated from the University of Portsmouth in 2017 with a bachelor’s degree in Media Studies. She has previously worked within the In... Explore Author