NACFB launches resource for struggling SMEs
There is growing evidence that SMEs are unable to access the array of lending options that exist beyond the high street banks.
The website, findSMEfinance.co.uk, will connect SMEs to high street and challenger banks in addition to alternative and peer-to-peer lenders.
Marcus Grimshaw, chairman of the NACFB, said: “Many SME lenders are specialists that don’t have a high street presence, so it’s difficult and time consuming for small businesses to track them down.
“We launched findSMEfinance.co.uk as a game changer for SMEs seeking finance. The website will help to bridge the gap between the many thousands of credit-worthy SMEs who want to borrow, and the wide range of lenders out there who are ready and willing to lend.”
NACFB currently works with 106 lenders in the UK.
Just 6% of small businesses are aware of what’s available beyond the high street banks, or that SMEs can access lenders via an expert broker.
The website has been developed with the support of the Department for Business, Innovation and Skills; of which the NACFB is a key consultee, The Welsh Government and the Federation of Small Businesses.
Mike Francis, head of Investec Asset Finance, added: “We are in total agreement with the NACFB that there is a huge opportunity to help UK SMEs by highlighting the many different forms of finance available to businesses.
“If small company directors were more aware of asset finance, for example, it would give them the confidence to make more investment decisions, win new contracts and create extra jobs, and we are proud to support this initiative.”