SMEs ‘Failing To Consider Alternative Finance’ Banking Expert Calls On Businesses To Assess All Options 13.05.2013 By Rob Dixon New research showing that SMEs have concerns over cashflow is another example of the need for companies to consider a range of options in order to ensure they can meet their requirements, according to banking specialists at Irwin Mitchell. The study by Santander, reported by TheBusinessDesk, found that 62 per cent of small businesses are either fairly or very concerned about cashflow and how they can manage it across the next 12 months. It also found that 46 per cent of growing companies had experienced some level of cashflow setback in recent months. Only four per cent of SMEs polled also stated they would consider alternative solutions such as invoice finance in order to meet their needs. Jon Bew, a Birmingham-based Partner and specialist in Irwin Mitchell’s Banking and Finance team, said the figures were an indication of how there needs to be a sea change in accepted thinking when it comes to finance. He outlined: “These figures are not a surprise, coming as they do just weeks after an Experian study highlighted that many SMEs remain reliant on trade credit. “Due to the relatively high failure rate around small businesses, it can be difficult for them at times to get the support they need to thrive – particularly considering the difficult economic climate that most companies continue to operate in. “These latest figures show businesses are simply not considering alternative finance options such as invoice finance and asset based lending, supplier, supply chain and vendor finance, business angels, business grants and peer-to-peer lending. “This is despite the fact that such routes are viewed as quality capital solutions, with some playing a key role in the Government’s own Funding for Lending scheme. “We hope that companies can continue to review their options and ensure they are considering all of their options as they look to get credit which will play a vital role in their growth.” Read more about Irwin Mitchell's expertise in relation to Finance Key contact Jon Bew Partner +44 (0)788 919 8073 Email Jon Press contact Dave Grimshaw Press Officer 0114 274 4397 Email Dave Tags Finance Jon Bew Birmingham Related articles 20.03.2019Government Issues Recommendation for Leasehold Reform 15.03.2019Irwin Mitchell Recruits Hundreds Of Volunteers For Red Nose Day 2019 15.03.2019Irwin Mitchell Scoops Hat-trick At Birmingham Law Society Legal Awards 13.03.2019Sheffield City Region Launches Global Innovation Corridor At MIPIM 2019 08.03.2019Irwin Mitchell Launches Women in Law Timeline 05.03.2019Does A Rest Break At Work Have To Be Continuous?