FP Show 2014: Debate flares over the future of Alternative Funding
By Chanice HenryWhile kicking off the Finance Professional Show's string of seminars, industry figures debated over the future of Alternative Funding and whether the word alternative has now become outdated…
While kicking off the Finance Professional Show’s string of seminars, industry figures debated over the future of Alternative Funding and whether the word alternative has now become outdated.
The panel included Adam Taverner of Clifton Asset Management, James Meekings of Funding Circle, Irene Graham of the British Bankers Association, Andrew van der Lem of the British Business Bank and David Hamer of Assets Capital.
Chaired by MP Anne Marie Morris, the panel was split in opinion regarding whether the industry’s Alternative label should be updated, with Adam Taverner stating that he thought it was ‘a little early’ to do so. Agreeing with Adam, James noted that he wasn’t too preoccupied with the change in name but more so on the awareness to those who need alternative funding. David Hamer of Assetz Capital stated that with some negative connotations being attached to the word alternative, if the name switch was to improve perceptions and behaviour towards the finance then the shift should be welcomed.
The debate then moved on to how the Government could promote the availability and access to funds circulating in the alternative finance market.
James Meekings of Funding Circle noted: “There’s a lot of talk about what the Government do to help push this, but we have to sit there and say ok if we really are decent businesses then we should be raising money from VCs and putting into marketing spend.
He continued: “There’s a lot of alternatives that sit out there and say the Government should be doing more, I say back to them, you should be doing more.” Adding that as stable businesses “…we should be able to grow ourselves.”
When questioning the sustainability of the alternative finance industry, the panel concluded that this was evident and the future of the market lies in the collaboration with mainstream banks.
The FP Show, which is in its second year, sold out its exhibitor stands in record time. The expo’s other seminars will include Regulation in the Commercial Lending Market and the Future for Commercial Finance Brokers.
Keywords: FP Show, James Meekings, Funding circle, Alternative Finance, Lenders, BBA, BBB, finance professional show, seminar, debate, debate panel, finance