More than 50% of small business owners in the UK are concerned about the accessibility of the traditional routes to finance, while 30% had already struggled to secure fundings via those channels, a study by WorldPay confirms.
As a consequence, many of them will look elsewhere. For instance,
17% of respondents say they are more likely to look at crowdfunding.
James Frost, CMO Worldpay UK, said:
Small businesses are the engine room of the British economy, so it’s very encouraging to see that so many of the UK’s entrepreneurs and independents are planning for growth. A lot of business owners will remember the credit crunch of 2008 and the difficulties they faced during that period. We’ve come a long way since then however, and today small business owners have an incredible number of options available to them in order to support growth.
The study also found that younger small business owners are far more likely to consider alternative finance routes in comparison with their older peers.
Find out more here.