Over 70% of SMEs seek new funding in 2019

The latest report from Independent Growth Finance (IGF) revealed that 71% of SMEs were seeking new funding in 2019.

In addition, over half of businesses (53%) claimed that they had to wait a month or longer for traditional funding.

The research showed that over a quarter of business leaders (27%) expect revenues to rise by more than 10% this year.

John Onslow, CEO at Independent Growth Finance (pictured above), said that British SMEs were the lifeblood of this country.

“It is encouraging to hear how many are forecasting meaningful growth in 2019.

“Such a large number of businesses seeking more than £1.1m in funding shows that businesses want to seize control of their financial futures.

“Yet our findings suggest many struggle to find quick and flexible funding.”

The report also revealed that traditional bank funding remained the top source (67%), while more than a quarter of businesses (27%) said they now used invoice financing and over one in five (22%) opted for asset-based lending.

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