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|More SMEs seek alternative finance than a bank overdraft although majority don’t need finance|
|Wednesday, 22 July 2015|
More small businesses in need of funding sought alternative finance rather than a bank overdraft in the last 12 months according to new research by One Poll for small business funder Liberis, and only marginally more sought a bank loan.
While 70 per cent of small businesses haven’t applied for funding because they say they ‘don’t need it’, the research amongst 1000 small companies, showed that 30 per cent of those that did applied to an alternative funding provider, compared to 18 per cent that applied for a bank overdraft and 31 per cent for a bank loan. Just 15 per cent applied for a business credit card. The most popular alternative finance was peer-to-peer funding, followed by crowd funding.
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