Just a decade ago, 'making it' in business was a bit more clear cut. If you could get assistance from your bank or an investor, then you stood a chance. If not, you were on your own.
The growth of alternative finance
Fast forward ten years, and it’s a whole new picture. With the impressive growth of alternative finance products, more helping hands are available for SMEs than ever before. Alternative finance is the future.
With an annual increase of 84%, no other business finance industry can boast similar levels of growth. Last year alone saw some £3.2bn worth of cash from alternative products pumped into UK businesses and individuals. There’s a reason for the growth, and that’s flexibility.
There’s a creative side to alternative lending, a side that conventional lenders aren’t permitted to try. With products like invoice financing, merchant loans, crowd funding and many others, UK businesses now have a catalogue of alternatives away from the high street bank. For many, the temptation is too strong.
The last few years have proven beyond doubt that alternative finance is the future, and with funding levels set to hit £5bn this year, the future has never looked so prosperous.