BANKING
Q . WHAT IS THE APPETITE FOR SMALL BUSINESS LENDING AMONG BANKS ? ARE SMALL BUSINESSES BEING PUSHED TO EXPLORE ALTERNATIVE LENDING PROPOSITIONS ?
CG : Recent research from Marqueta suggests that small businesses are losing confidence in the big banks , with 84 % of UK SMEs frustrated with their current banking experience and 67 % prepared to find a new provider if their current bank is unable to provide better digital capabilities .
Elsewhere , there are
stories of high street banks declining small business owners despite their eligibility for funding . A substantial flow of customers come to iwoca , having been rejected by big banks . Katrin Herrling – CEO of one of our most trusted introducers ,
Funding Xchange – gave her insight on this recently : “... banks built
their credit models in the 1970s when the typical company was eight years old and had a pretty steady trading record [...], but that is not the profile of the typical company that makes today ' s economy .”
Yet this isn ’ t to say that high street banks have lost their relevance entirely ; on the
“ Banks built their credit models in the 1970s when the typical company was eight years old and had a pretty steady trading record ”