£20bn lost to UK economy through SME lack of alternative finance awareness
- New report published today highlights economic cost of lack of alternative finance awareness
- Ahead of the Autumn Statement, industry stakeholders call for Government to address concentration risk in credit ecosystem to enable SME growth
- Chancellor’s Northern Powerhouse at risk as SMEs in North have overdrafts slashed at twice the rate of SMEs in London
Lack of awareness amongst SMEs of alternative finance options is creating a potential economic hole of up to £20bn, according to the latest report released today by GLI Finance. The findings are backed by key industry stakeholders including the Federation of Small Businesses, British Chambers of Commerce, National Association of Commercial Finance Brokers, Asset Backed Finance Association, Innovate Finance, and techUK.