7 Reasons Why SMEs Prefer Finance Brokers Over Traditional Banks
Struggling to secure a business loan through your bank? Wondering why more small and medium-sized businesses are ditching banks for finance brokers?
You’re not alone - and there’s a reason behind this growing shift.
Here are some of the stats from FSB showing the growth-
➤ SMEs comprise 99.8% of the UK business population (5.5 million businesses).
➤ SMEs account for three-fifths of the employment and around half of turnover in the UK private sector.
➤ Total employment in SMEs was 16.6 million (60% of the total), whilst turnover was estimated at £2.8 trillion (52%).
➤ Employment in small businesses (with 0 to 49 employees) was 13.0 million (47% of the total), with a turnover of £1.8 trillion (36%).
Yet despite their importance, many SMEs face frustrating roadb...