traditional finance providers

A Third of Small Businesses Have Never Changed Finance Provider

Firms that do switch are turning to alternative lending, with two fifths believing it to be cheaper A third (37%) of small and medium-sized firms have never changed finance provider, according to a new survey, so are potentially missing out on better rates and alternative offerings due to complacency. The research, provided by Close Brothers Invoice Finance (CBIF), revealed that of the small and medium enterprises that have switched, a third have chosen to go with an alternative finance provider rather than a traditional lender – with the CBIF revealing that invoice finance is the most popular choice. Two fifths of the companies that switched believed alternative lenders would be cheaper and 37% of firms felt they were more flexible. For the companies failing to switch, the main reasons be... »