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1 in 5 small businesses say lack of independent data limits finance choices PDF Print E-mail
Thursday, 12 April 2018
 SMEs have revealed the biggest challenges they experience in buying financial products - in new research from Business Banking Insight. Worryingly, one in five (22.1%) cite a lack of independent data on providers and products as the biggest barrier. For a further 28.8% the sheer time to gather information creates further challenges.

These are significant issues for British business. With 5.7m SMEs, the risk to small companies purchasing financial products which are either unsuitable, contractually inflexible or charge high fees can result in serious productivity, cash flow and debt problems.

The growing number of new online-only providers and business-banks has made the right choice tougher – and more important. Going to your existing provider may be convenient, but can prove costly.

Federation of Small Businesses (FSB) National Chairman, Mike Cherry, said: “Accessing affordable finance can be a real challenge for small businesses, and yet it is often essential to allow them to grow and contribute more to the economy. While a much wider range of options now exist, this research clearly shows that navigating less-traditional sources of finance is time-consuming and sometimes baffling to busy entrepreneurs working hard to run their businesses day-to-day. That is why independent online tools such as the British Banking Insight (BBI) are important in breaking down the barriers.”

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