Alternative lending takes off

Posted on 19 Feb 2024
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Alternative lenders step in as demand for larger loans rises

Alternative lenders are stepping in to meet the rising demand for larger loans by UK SMEs, according to a survey conducted by fintech firm Iwoca. The survey found that in Q4 2023, SMEs demanded loans of over £100,000, a 15% increase from the previous quarter. Traditional banks, which have tightened their lending criteria, are losing out, with 77% of brokers noting a reduced lending appetite from such institutions. As a result, 71% of brokers are turning to alternative lenders instead. Colin Goldstein, director of commercial growth at Iwoca, said: “The continued lack of support from the banks – over successive quarters – not only demonstrates the shifting SME lending landscape, but is also hindering a huge source of potential growth for the UK economy."

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