Research from Aldermore Bank reveals that finance brokers will have a vital role to play in helping SMEs recover from the impact of Covid-19. SMEs are expected to borrow billions in order to support their businesses through the crisis, with many business owners turning to finance brokers to help them access the right funding.
The research found that:
- SMEs expect to borrow £48.3bn to help their business recover following Covid-19.
- SMEs accessing finance through a broker are more likely to use a diverse range of funding options for their business, such as Asset Finance or Invoice Finance.
- SMEs who use a broker feel well-supported with access to a more tailored process.
Tim Boag, group managing director, Business Finance at Aldermore, comments:
“Brokers are often the unsung heroes when it comes to SME finance. In the months ahead, they will be needed more than ever to help businesses secure the funding they need.
“Many SME owners are still relying on personal loans which can often be expensive and unsuitable. Understanding more about the finance options available means small businesses will be able to make more informed decisions about how to survive in the challenging months ahead.”