- 22 Nov
Only 19% Of Construction Businesses Have Had An Invoice Finance/Applications Finance Quotation
Our construction sector finance survey revealed that 65% of construction business (100 surveyed) anticipate the need to raise finance over the next year and only 2% of construction sector businesses (in our survey) used invoice finance/applications for payment finance.
We also asked these construction sector businesses if they had ever received a quotation for invoice finance/applications for payment finance (hereafter called construction finance) - only 19% said that they had received a quotation - 81% had not.
An interesting pipeline of statistics regarding construction sector businesses:
- 65% NEED TO RAISE FINANCE
- ONLY 19% HAVE HAD CONSTRUCTION FINANCE QUOTES
- ONLY 2% ACTUALLY USE CONSTRUCTION FINANCE
This pipeline reveals a demand that is not being fully met by the invoice finance sector currently. I have statistics on the reasons for not proceeding with those construction finance quotes and the reasons why others have not sought quotes which I will share shortly and these may help to inform the invoice finance sector funders.
Construction finance remains an ideal solution for these businesses to meet that funding gap - if the majority with a funding need haven't even had a quote for construction finance it suggests that there is a lack of market awareness of the options that are available.