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Majority of SMEs seeking new funding

According to a report from Independent Growth Finance, 71% of SMEs are seeking new funding in 2019. Furthermore, 53% claimed that they had to wait a month or longer for traditional funding. Over a quarter of business leaders (27%) expect revenues to rise by more than 10% this year, the research found. Independent Growth Finance CEO John Onslow said “Such a large number of businesses seeking more than £1.1m in funding shows that businesses want to seize control of their financial futures. Yet our findings suggest many struggle to find quick & flexible funding”. The report also revealed that  traditional Bank funding remained the top source (67%) while more than a quarter of businesses (27%) said they now used Invoice financing, and over one in five (22%) opted for Asset based lending – Bridging & Commercial