- 03 Nov
7% Of SME Businesses Have Business Loans
In our recent survey we asked a group of 100 SME businesses if they had a business loan. 7% said that they did so 93% don't have a business loan. An interesting contrast to the 88% that said they had an overdraft. This places overdraft as a more widely used form of finance than business loans.
This is much higher than the percentage that use invoice finance, factoring and invoice discounting (less than 1%). In our previous surveys, 35% of businesses thought that the reason for the low take up of invoice finance was that the products were not well promoted and hence were not known about.