- 20 Jul
Reduction In "Would Be Seekers" Of Finance
The good news is that where businesses feel they need finance, they are increasingly likely to seek it according to a recent survey.
The Q1 2015 SME Finance Monitor from BDRC Continental found that only 3% of SMEs had not applied for finance when they had wanted it, down from 6% for 2013 as a whole. The key reasons were assuming they would be turned down or feeling that the borrowing process would involve hassle or expense.
Our experience within the invoice finance sector is that there are still some businesses within this category, "would-be-seekers" of finance, but that finance is readily available, even with no trading record, previous poor credit history or even CCJs. Our findings have consistently identified both fast growing and new start up businesses that have not sought invoice finance because they thought it would not be available to them, or that it would be expensive. Overall though it is good news that they proportion of "would-be-seekers" is dropping.