Increasing number of SMEs sizing-up funding options

New research carried out by prominent market research agency BDRC has revealed that the number of UK small and medium-sized enterprises (SMEs) investigating their funding options rose steadily throughout 2017.
According to the group’s SME Finance Monitor, the number of SMEs planning on applying for finance hit 14 per cent in the final quarter (Q4) of the year – up from just 10 per cent recorded in the first quarter (Q1) of the year.
The research also reveals an increase in the number of SMEs showing an interest in peer-to-peer (P2P) lending – an alternative finance option often overlooked by smaller businesses.
In the final three months of the year, almost half (46 per cent) of SMEs said that they were aware of – and fully understood – P2P lending. This was up from 36 per cent who said the same in Q1 of 2017.
Interestingly, the research also suggests that, as the months went by, SMEs became increasingly successful in their efforts to access finance.
By the end of the year, eight out of ten loan and overdraft applications made by SMEs were accepted, the report reveals.
Stephen Pegge, UK Finance Director at BDRC, said that it was “encouraging” that an increasing number of SMEs were beginning to explore alternative finance options – and were succeeding in their efforts to access finance.

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