John Jenkins

Small Businesses Seek Alternative Finance as Banks Turn Them Down

Small Businesses Seek Alternative Finance as Banks Turn Them Down

UK small businesses are looking towards alternative sources of finance as too many are being turned down by traditional lenders, according to a report by Amicus. A survey of 400 small enterprise owners found 16% of those seeking finance had been previously turned by a mainstream lender – a figure up from 11% in 2015. 31% of respondents claimed their inability to obtain finance from a traditional financial institution meant they had lost out on a business deal or investment opportunity with 15% believing they don’t make quick enough decisions. 12% highlighted inflexible lending conditions while 8% said insufficient knowledge and experience was a reason for them losing faith in traditional banks. As a result, small businesses are increasing looking at alternative forms of finance such as pro... »