The peer-to-peer lender will be sharing its findings at the NACFB Commercial Finance Expo next week as it found SMEs borrowed over £1.6bn through UK peer-to-peer platforms over the past year.
The results mark a 70% increase on 2014 and 450% more than 2013 with the total number of active borrowers using marketplace lenders now standing at around 275,000.
“Alternative lenders and online platforms are proving a faster, more accessible solution for SMEs than the banks, who have scaled back small-business financing since the crisis,” Tom Davenport, Head of Partnerships at MarketInvoice, stated.
“Brokers who refer businesses to this new generation of lenders are reaping the rewards and helping their clients grow.”
MarketInvoice has previously funded a media-planning agency who were unable to have their overdraft extended by its bank.
“Brokers often have trouble helping businesses in certain sectors,” Tom added.
“Construction, export, creative agencies, tech and software – these types of companies often find it tricky to secure finance.
“We’ve noticed a real demand from our partners, with business owners looking for a flexible, reliable source of funding, that doesn’t come with hidden costs and lengthy paperwork.
“75% of the businesses that come to us have never used invoice finance before.”
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