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19/8/2019

SMEs moving away from Banks

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.

https://londonlovesbusiness.com/smes-are-shunning-traditional-banks/

​
https://www.bridgingandcommercial.co.uk/article-desc-15192_just-32-of-young-businesses-rely-on-their-bank-as-first-lender-of-choice

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