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Business, SME

Survey suggests that lenders don’t understand small businesses

A recent survey by the Close Brothers Group showed some eye-opening statistics with regards to the commercial finance market that small businesses face. When SMEs which had experienced barriers to raising business finance were surveyed, nearly a quarter (22%) said that the lender didn’t understand their needs, and a further 25% said that a lender had no understanding of their industry.

These figures, are ultimately not too surprising. And unless a lender understands each individual small business, it is harder to raise finance for them which meets their requirements. We know that this is a barrier, but it is one which we overcome, simply by offering a straight-forward meeting with an experienced director, we are able to make sure that we understand an individual business’ requirements, which already gives them an advantage over nearly half of the small businesses applying for finance.

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