A new report recently released from the NACFB is indicating that small business lending is at an all time high in the UK in fact a whopping 30%.
With the recession of 2007 and high street banks closing the door on thousands of small business borrowers the alternative finance sector was starting to grow. Since then there has been year on year growth with now a total of £20.7 billion lent out to small businesses throughout the UK
The birth of the alternative business funding sector has now given rise to many new ways to fund your business although there has been a slow down in the alternative space this year which has dropped figures of 14.4%.
Adam Tyler, chief executive at NACFB said “Interestingly, the figures show that there has been a significant switch by small businesses back to traditional forms of lending. Peer-to-peer will always have its place, but alternative forms of funding are no longer the only future; they are just one of many forms of finance available to small and medium sized businesses.”
Although there has been an inevitable slowdown in Fintech business there is still a demand from small businesses in the UK for fast access lending. This comes in the shape of products such as business peer to peer / crowdfunding, business cash advance and others.