The article points towards recent statistics from the Bank of England’s Funding for Lending Scheme (FLS), reiterating what many small business owners experience: that businesses are not getting the financial support they need from the banks.
One in three SMEs looking for alternatives
The GSBN included figures from our own research showing that one in three SMEs is considering other forms of finance. The businesses we surveyed cited poor customer services and a lack of flexibility from traditional banking institutions as the main drivers for change.
I believe that small businesses are becoming more like consumers and they want to try different types of funding before taking them on to see if they’re compatible with their business model.
So it’s crucial that funders become more flexible in their approach if they are to meet the growing demands of the marketplace.
Bibby Financial Services
In the first half of this year our annual client turnover handled has reached £4.9bn in the UK, with global client numbers now approaching 10,000. While we have grown, we’ve continued to put our clients at the heart of our strategy.
Today’s businesses expect more from a funding provider than ever before and we intend to continue to do everything we can to support our clients, old and new. It’s for this reason that we have recently launched an offer for businesses that are new to invoice finance; to give them the opportunity to try this unique funding type, without being tied-in to long-term contracts.
To find-out more about the offer or to speak to a member of my team, you can visit the Bibby Financial Services website here.
Thanks for reading.
UK CEO, Bibby Financial Services
About David Postings
David Postings is the UK Chief Executive Officer for Bibby Financial Services following his appointment in April 2012. David is an experienced senior executive with over 35 years’ experience in financial services. David has extensive knowledge of the commercial finance landscape.
You can read more about David Postings and his position at Bibby Financial Services in the About Me Section.