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Commercial Credit News
|CMA retail banking market investigation update (SMEs)|
|Wednesday, 18 May 2016|
Tracy Ewen, managing director of IGF Invoice Finance, comments on the provisional decision on remedies from the Competition and Markets Authority, from the perspective of small businesses: “This provisional decision from the CMA showed that over 90% of SME business owners obtain their business loans from the same institution as their personal accounts due to a lack of competitive pressures. However, research from IGF has shown that 29% of small business owners are looking to alternative finance for their credit solutions, a higher figure than those seeking credit through a bank loan. It is therefore clear that SMEs have an appetite for these alternative options, such as invoice finance and peer-to-peer lending, outside of the traditional high street banks.
"Fewer SMEs are electing to go down the route of traditional banking options, owing to the wealth of bureaucracy and are instead seeking more targeted solutions for financial support. Businesses must be fully aware of the different credit sources available, and continue to seek high quality, tailored advice on the best alternative finance options for their business.”
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