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How SMEs can access £291 billion to drive growth

£291 billion: that’s right, that’s what new research from Lloyds Bank says that SMEs in the UK are owed in outstanding invoices. Think what that money could do. Invoice finance is a means of getting it.

Of course, it’s not just invoice finance but a plethora of other alternative finance services that can help SMEs access capital to maintain cashflow and invest in expansion. The growing popularity of these SMEs products and their shift into the mainstream has been underlined by the recent decision by the country’s top alternative finance providers to launch a new platform for non-bank SME funding, taking in peer-to-peer lending, crowdsourcing and pension fund lending as well as invoice finance, called Alternative Business Funding.

A key message behind the launch of the new platform is the need to heighten awareness of non-bank small and medium business finance services. The research from Lloyds is a case in point: the incredible amount of monies owed suggests SMEs aren’t making full use of alternative services, such as invoice finance. Notably, the providers behind Alternative Business Funding make the point that their services are there to complement traditional bank SME finance products.

The Lloyds research also goes on to point out rising confidence among SMEs and the need to improve funding options if this optimism is going to be turned into actual growth. The Federation for Small Businesses has highlighted much the same thing. So, the pressure grows on the Chancellor ahead of the 2014 Budget to give SMEs greater support and non-bank finance a greater role.

To find out more about A&T Business Associates services, contact us on 01903 602211 or info@atbusinessassociates.co.uk.

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