Survey Of Brokers Predicts Rise In SME Requests For Asset Finance
A survey carried out by United Trust Bank a few weeks ago has revealed a positive outlook amongst many finance brokers this year for requests from SMEs for finance to purchase assets. Increased demand is no doubt a good thing for the commercial lending industry as well as the consumer as such demand may encourage some lenders to make available new products and/or offer more competitive rates.
The survey revealed that there were 54% of brokers taking part in the survey who felt that there would be greater demand for asset finance from SMEs this year. A mere 4% of brokers were of the opinion that demand was going to drop and 42% were of the opinion that there would be little change in requests made by SMEs here in the UK for such finance.
Half of those finance brokers taking part in the survey were critical of the lack of government support for small businesses in respect of bridging lending, development finance, mortgages and asset finance.
There are no doubt a large number of providers of asset finance here in the UK including high street banks, other smaller banks, specialist lenders and the likes of peer-to-peer lenders. It is important that a business owner does everything that he or she can to secure a competitive business finance package. In that respect, an owner of a business could spend an awful lot of time researching the commercial finance packages available but perhaps that time may be better spent in the day-to-day running of the business.
Therefore, another option is to use the services of an experienced business finance broker to help source a competitive lending package. It may be preferable to use a broker who has access to an extensive panel of lenders. Here at Commercial Mortgage Link, we can put you in touch with such a broker so feel free to get in touch with us.