SMEs choose alternative finance over banks
Posted on in Business News
Small businesses are turning away from banks and opting for alternative finance, according to new research.
In the last 12 months, 30% of small businesses seeking funding applied for alternative finance compared to just 18% who applied for a bank overdraft and 15% who sought a business credit card.
But, many businesses could still be missing out on the most suitable funding facilities for their needs because they aren't fully aware of their options.
According to the research conducted by One Poll for Liberis, the average time spent researching business finance sources is 3.5 hours and the average number of funders approached is three.
Of those asked, 10% of respondents were turned down for funding, and 21% only got a portion of the funding they needed, whilst 16% of those surveyed hadn't applied for funding at all because they thought they would be turned down.
Of the 1000 small business owners questioned 9% hadn't heard of or didn't know what alternative finance was.
The alternative finance sector has soared in popularity, at a time when two-fifths of businesses say that lack of access to finance is holding back growth.
With more flexibility and the ability to tailor solutions to your business's needs, the alternative finance market is helping more and more businesses to access funding.
To give SMES access to the funds they need, ActSmart has partnered with Amplifi Capital.
Whether you are looking to expand your business, re-fit your shop, improve your marketing reach and update your website or to help with cash-flow during quieter seasonal month, Amplifi Capital can help with benefits including:
- No application fees
- No collateral required
- 3, 6, 9 and 12 month terms
- Convenient daily repayments
- Competitive charges
- Find the right finance for your business
- Loan values from £3500 - £100,000
The team at Amplifi Capital is on hand to walk you through the simple application process, so no waiting around.
The pioneering credit technologies mean a super-fast response, letting you make the most of every opportunity.
With automated daily repayments, direct from your bank account to suit your needs and your cash flow. There are no application fees or hidden charges. Clear and simple short-term financing with no surprises.
You qualify to apply for business lending from Amplifi Capital if:
- Your business has been operating for 6+ months
- Your business accepts credit cards
- You are a UK based business
ActSmart subscribers are guaranteed the highest level of customer service, face-to-face meetings and dedicated account management.
To find out more about how Amplifi Capital can help your business, click here. To contact Amplifi Capital call 0800 4725 479 or complete the contact us form below.
Contact us