SMEs want more support from business lenders, according to research
A new study from Hitachi Capital Business Finance has revealed what SMEs are looking for from business lenders, with the majority wishing to receive more support and a genuine partnership.
The company’s British Business Barometer surveyed over 1,000 small business owners, questioning them on what they believe banks and other providers in the finance services industry should do in order to help them grow their business.
Over 30 per cent of respondents admitted that they do not feel a connection with banks, whilst 32 per cent said that they would like lenders to be more willing to offer financial support to enable small businesses to grow.
The research showed that 34 per cent of UK business owners would like to have a stronger partnership with their bank, whilst 28 per cent want more transparent fees and charges.
SMEs in the East of England would prefer a bank that has specialist knowledge of the financial services sector, cited by 30 per cent of respondents in this area. Over 25 per cent of business owners would like to be provided with more flexible finance options that can been tailored to suit their needs, whilst 26 per cent want more competitive lending rates.
Hitachi Capital Business Finance Managing Director, Gavin Wraith-Carter, commented: “Despite the concerns that small businesses have felt towards banks and lenders, they do want a relationship and a financial partner that will commit to the journey with them. This is a positive mandate for positive, mutual relationship building.”
He added that it is important for small business owners to be aware that there are more funding choices and options that are available to them than just their local high street lender.