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A survey of SMEs by Worldpay reveals the majority are planning for growth in 2018. But more than half also admit they are concerned that traditional routes to finance, including bank loans, may not be available at the same levels in the coming year. Some 30% say they have already encountered difficulties securing funding through these channels. As a result, small business owners are increasingly looking at alternative financing options to support growth. While 21% of business owners aged 44 or under say they are still most likely to apply for a bank loan when looking for funding, 17% of respondents say they’re more likely to look at crowdfunding, while 11% prefer peer-to-peer lending, and 6% say they favour business cash advance.
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Fall in Lending to SMEs in the Property Sector
Bank lending to SMEs in the property sector has fallen 9% in the last year from £13.9bn to £12.7bn, according to commercial lender Ortus Secured Finance. However, manufacturing was one of three sectors to see an increase in lending last year with SMEs in industry enjoying an 11% rise to £6.3bn.
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