LONDON, UNITED KINGDOM--(Marketwire - Dec. 5, 2012) - According to a recent survey conducted by the UK's leading invoice finance provider - Bibby Financial Services - as many as 1 in 3 (32% of those taking part in the survey) businesses have been unable to secure finance over the last 12 months.
In addition to this figure, only 9% of the 1,000 SMEs surveyed received the funding they had applied for.
Of those who applied for funding, 19% - nearly one in five - were unable to raise what was described as the necessary capital to invest in their business.
Commercial Director of Bibby Financial Services, Edward Winterton commented:
"The results are further proof that businesses desperately require greater access to finance and that to date, schemes introduced by the Government to address the issue have failed to work.
"The Government must recognise there is a need to reduce the number of businesses relying solely on the banks in order to ease the overall flow of funding.
"The banks will not be able to solve this problem on their own, it will rely on traditional and alternative funding providers working together to provide tailored, collaborative solutions that pool different products and services."
Funding offered by Bibby Financial Services
Bibby Financial Services offers a range of non-traditional forms of lending designed to provide small and medium sized enterprises with the funding they require to stabilise their enterprise as well as grow and evolve for the future.
The range of services provided by Bibby includes:
- Invoice finance - enabling businesses to release cash-flow tied up in unpaid invoices, in the form of
- Invoice discounting
- Construction Finance
- Recruitment Finance
- Lease finance
- Bad debt protection
There are also a number of services designed specifically for those businesses aiming to increase their operation to exporting overseas as well as importing into the UK, such as trade finance and Bibby Financial Services export factoring.
Notes to editors
- Bibby Financial Services is the UK's largest independent asset based finance provider, providing cash flow funding for to small and medium sized enterprises businesses across the UK, to help them to grow and realise their potential