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Why alternative finance will have a big say in the General Election

Yet another trip to the polls looms but what party should small business owners vote for? Who would do the most to improve conditions for SMEs? It’s not a straightforward choice. Support for alternative finance should be key.

All three of the main political parties have set out their stall for small businesses and unsurprisingly, all claim to be the party to bring growth to the sector over the next five years. Small business owners always have plenty of friends with blue, red, yellow and green rosettes at election time.

So, how can small business owners decide? Well, Brexit is naturally a big issue but there are plenty of other matters that should play an equally important role in the decision-making process. Business rates, corporation tax and late payment are all good examples.

That these issues are all important underlines the fact that small businesses are under significant financial pressure, with owners facing demand on cash flow from a number of sources. This why assessing attitude to improving access to finance and in particular alternative finance should be vital.

Given the problems faced by small businesses, making it easier to secure lending is likely to have a big impact on owners, and part of the solution has to involve raising awareness of and facilitating better access to alternative finance.

In recent years, the popularity of alternative finance has skyrocketed as non-bank finance providers have begun to fill the gap left by traditional lenders. This rapid rise in demand shouldn’t be ignored, especially as there is potential for a lot more growth. Traditional lenders continue to lose SME finance market share.

Therefore, at a time when rejection of the EU is set to radically redefine the marketplace. the party that pays more attention to a fast-growing sector led by the likes of invoice finance, asset finance and peer-to-peer lending could earn themselves important support among the country’s small business owners.

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

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