FOR IMMEDIATE RELEASE
SME funding is vital for UK business growth and expansion but banks are not always the solution.
MD of Regency Factors Maurice Craft Commenting on the commitment from the British Business Bank to provide the SME community with more advice on seeking funding "The alternative finance industry has achieved a great deal in a short space of time but it is imperative the Government now leads the charge, supported by industry groups and industry itself, in order to ensure SMEs get the help they need to grow and that the alternative finance industry cements its position as a mainstream and complementary part of the financial services sector"
The SME sector is expanding infinitely with younger companies requiring funding to kickstart growth. It is access to this finance that restricts this growth as many do not know where to turn so they stop looking. Businesses need money to innovate, invest in training or their workforce and look for new markets for their products. Without this lifeblood, growth will ultimately be stifled as there will be fewer new products, fewer new trade links and a less skilled workforce.
A recent survey revealed a greater need for awareness of how alternative finance can help UK SME's. Over 520K UK businesses were not aware of how to access alternative funding solutions they need to survive and grow, using their overdrafts, personal savings and credit cards to stay afloat. Regency have seen this time and again with clients who struggle getting all their bills paid and were not aware of the alternatives available to them. One client approached us for funding after relying on his overdraft to cover the issues he was having with customers taking longer and longer to pay, the overdraft was then withdrawn leaving the business with financial issues.
Over 15m people are employed by SME's up and down the UK, without the correct funding in place these SME's will flounder and disappear leaving the country worse off for it. With a little education and quality advice these SME's can plan to become the large companies of the future.
About Regency Factors
We are a specialist SME lender and proponents of SME Growth across the UK.
For more than 25 years we have been structuring innovative financial solutions for our clients, many of whom today trust us with their invoice finance, trade finance, asset finance and purchase finance needs. Set up by husband and wife team Maurice and Hilary Craft in 1991.
Our goal is to help businesses to grow, to put decades of professional financial expertise to work to ensure that this happens with our funding solutions. We understand British businesses more than most.
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