Essential reading for retailers and suppliers in the home improvement market

Majority of SMEs do not trust traditional lenders to support their businesses

Published: 22 September 2017
 

More than a third of businesses (35%) surveyed by Hitachi Capital Invoice Finance try to avoid borrowing money at all costs and would rather invest from their personal savings than borrow from another source.

The main reason for not wanting to borrow money, is that companies want to owe as little as possible (53 per cent), with a further one in ten admitting that borrowing money has led the business into further debt in the past.

Of 502 business owners surveyed, just 15% say they completely trust traditional lenders, and the main reasons for not trusting them is because of a bank’s reputation (37%), followed by previous and personal experiences (30%, 26%) and for security reasons (26%). The media does not appear to affect business owner’s attitudes towards traditional lenders (9%).

Hitachi Capital Invoice Finance managing director Andy Dodd comments: “It’s interesting to see business owners remaining cautious with regards to business funding, potentially restricting their ability to grow

“More than 20% also noted that maintaining their cashflow is a top concern for them for the year ahead, and indicates this is something they are currently struggling to manage. It is important for business owners of any kind to be aware of the funding options available to them and what they are eligible for, as there are a number of options available to help prioritise overdue payments and maintain financial resource, particularly outside traditional lenders.”

Comments


(Your email address will not be published)
Already Registered?
Sign In
Not Yet Registered?
Register
Printable View E-mail Bookmark
*

What do you think?


As a retailer, what do you struggle most with in the adhesives & sealants category?





Latest reader comments

re: Toolstation.com excels in Which? website survey

Ray Pearce
Toolstation is always straight forward from ordering from the catalogue to receiving the items and a comfortable welcoming place to browse ...

re: Better Bathrooms goes into administration

Carolyn Muggleton
HiWe purchased a shower enclosure from Better Bathrooms which we have returned to them and asked for our money back.. The amount we ...

re: Woolworths staff reunited by new website

Pam Jones
looking for Brian Finch who worked as an undermanager to Mr. Cotton in Ebbw Vale woolworths....

re: 13-year-old's invention goes into production

Gel
No point in responding to an 8 year old post!...

re: Capitol Tiles outlets snapped up by BC Ceramics

Beryl smith
Hi I bought some black tiles called night black by capitol tiles I need some spares do you know where I can get them thanks Beryl...

Most read stories