The business landscape is changing, and with it, business finance requirements. Saxo Payments Banking Circle recently interviewed over 500 heads of SMEs, to uncover the challenges they face in obtaining finance essential for business growth and prosperity. 92.5% of respondents had applied for finance in the past five years, for purchasing equipment or inventory, and expanding into new markets. However, most SMEs have faced problems in obtaining finance quickly from their usual bank.
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•Without a loan, 25% would have to reduce staff and many would struggle to remain profitable. 13% believe they would be forced to close their business.
•Only 3% said it took less than a week to get the finance set up and generally, the larger the SME, the longer it took to arrange finance
•35% of SMEs found that their usual bank wasn’t able to offer the best interest rate on their borrowing.
•Traditional lenders working alone are unable to keep up with the changing business landscape.
•Through a Financial Utility like Banking Circle, FinTechs and banks can provide SMEs with faster, cheaper and more flexible lending solutions.
Anders la Cour is the co-founder and Chief Executive Officer of Saxo Payments Banking Circle, and has been nominated for and won multiple awards. Previously a technology and financial M&A lawyer in Copenhagen, Anders also has experience in venture capital, and a strong commercial acumen and entrepreneurial mind-set. This has allowed Banking Circle to bring to market the most innovative solutions, to tackle the cost and time challenges of cross border payments and business loans.