More than 70% of SMEs are missing out on the potential support of brokers as a survey by independent lender, Time Finance, reveals the main barriers for businesses accessing finance for growth.
The figures form part of Time Finance’s Finance Apathy Survey in partnership with Censuswide, which found that only 28% of those surveyed had used a broker to access business finance.
Surveying 500 SME owners and decision makers, the survey found that 52% were aware of brokers but had never used their services to access finance, with a further 20% unaware they could use a broker.
Urging SMEs to broaden their horizons when it comes to their business finance options, Time Finance’s survey delved into SME attitudes towards lending and their awareness of the different products available.
The survey found that while SME appetite for business finance is healthy, many lacked awareness of the main products, with 21% of SMEs unaware of Asset Finance, 24% unaware of Invoice Finance and 36% unaware of Asset Based Lending (ABL).
Ed Rimmer, Chief Executive Officer at Time Finance, commented: “Our survey has shown there is a real gap for businesses in their knowledge of the sheer variety of options they have when it comes to business finance. It’s clear they would benefit from the guidance and support of our broker partners, all of which work with businesses to introduce them to solutions that suit their specific ambitions and circumstances.
“Only 28% of those we surveyed have used a broker to access business finance. There will be businesses in the remaining 70% that either don’t need finance or are potentially accessing finance directly from a lender, but there will inevitably be a majority of businesses not quite knowing where to start with accessing finance. We need to help bridge this gap. We want to work with our broker partners to help break down some of these barriers, to educate SMEs on the options available to them and help them access solutions that will ultimately fuel their growth.”
Time Finance specialises in the provision or arrangement of funding solutions to over 10,000 UK businesses seeking to access the finance they need to realise their growth plans. As well as Invoice Finance, UK Businesses can take advantage of Time Finance’s extensive portfolio comprising Asset Finance, Business Loans and Asset Based Lending.
