Business loan provider Spotcap launched its Commercial Finance Industry Pulse today, a short 10 question survey looking at the current state and potential future of the sector. From July 2 to July 21, the survey is open to intermediaries, including brokers, business advisers, and accountants, who source funding for businesses.
According to recent figures from the Bank of England, small and medium-sized businesses provide 60 percent of private sector employment and 50 percent of GDP overall. However, there is an extensive £22 billion funding gap in the SME loan market, with many businesses still struggling to obtain capital to finance growth opportunities.
Ten years ago, banks were the main go-to source for businesses when looking for funding. Nowadays, hundreds of non-bank finance providers offer a wide range of new products and solutions, all aimed at helping UK businesses grow and achieve their potential.
Niels Turfboer, managing director of Spotcap, comments: “The commercial finance industry is rapidly changing. Digitalisation, new technology, and increasing client demand all pose challenges, but also offer opportunities.”
“Everyone who is part of the industry wants to know where we are heading, what’s working, what’s going to change,” Niels continues. “With the survey, we want to collect the perspectives from all intermediaries who help UK businesses source funding, be it brokers, accountants or business advisers. The more we know, the better we’ll be equipped for what lays ahead.”
Share your opinions here: https://feedback.spotcap.com/IndustryPulse/
Your answers will automatically be placed into a draw for a £50 Amazon voucher. A report summarising insights will be shared later this autumn. The survey will close on 21 July.
It only takes 10 questions
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Originally published July 2 2019 , updated July 2 2019