Between July 2013 and June 2014, NACFB brokers enabled SMEs to borrow £12.7bn from the spectrum of UK lenders; from high street and challenger banks to new types of business finance such as peer to peer and crowdfunding which increased 25% to £624 million.
Earlier this year, NACFB launched an online matching service for small businesses in the UK who are seeking finance. The first website of its kind in the UK, helping SMEs to unlock finance from lenders in the UK – from high street and challenger banks to peer to peer and alternative lenders – via an independent broker.
This year’s lending total is almost double the £7bn that NACFB lenders facilitated during the peak of the financial crisis in 2009.
Adam Tyler, Chief Executive of NACFB said:
“If you were a small business seeking finance to expand and grow back in 2009, it was incredibly difficult to find a lender that would say yes. Fast-forward to 2014 and it’s a different picture. There are now more than 100 SME lenders operating in the UK and the market is diversifying at an incredible rate.
“Availability of funds is no longer the issue, but there are still significant barriers facing SMEs who are looking for finance. Foremost among these is awareness. Small businesses don’t have to rely on their high street bank for credit, but few are aware of the full range of alternatives out there – or that an independent broker will be able to match them with the best lender for their needs.
“As the SME lending market evolves, so too must the way that small businesses think about finance. Look beyond the high street, and you’ll be amazed at the sheer number of le
