According to the latest report published by Thincats today, SMEs are trending towards alternative finance providers.
Amongst younger business owners in particular, traditional banks are a less useful resource; with 65% of businesses with decision-makers under-35 preferring to look elsewhere for funding as a first port of call. The same trend applies to business age with only 32% of those businesses under 10 years old looking to the banks first for funding, compared with over 70% of those businesses more than 35 years established.
The more worrying statistic uncovered was that 30% of businesses seeking funding would give up if not able to secure funding from their first choice lender (51% of whom would speak to banks first) despite there being potential alternatives available.
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