A recent survey by Time Finance reveals a significant opportunity for investors: over 70% of UK SMEs are not leveraging broker support to access finance, despite brokers facilitating £38 billion in SME loans in 2023. This gap presents a substantial market for growth and investment.
Time Finance’s Finance Apathy Survey, conducted in partnership with Censuswide, highlights that only 28% of SMEs have used a broker to secure business finance. Notably, 52% are aware of brokers but have never engaged their services, and 20% are unaware that brokers can assist in accessing finance. This lack of engagement suggests a widespread underutilisation of available financial support mechanisms.
The survey also uncovers a significant knowledge gap among SMEs regarding financial products. Specifically, 21% of SMEs are unaware of asset finance, 24% are unfamiliar with invoice finance, and 36% have not heard of asset-based lending (ABL). This lack of awareness limits SMEs’ ability to access diverse financing options that could support their growth and operational needs.
Ed Rimmer, CEO of Time Finance, emphasises the importance of bridging this knowledge gap. He notes that many SMEs could benefit from the guidance and support of broker partners who can introduce them to tailored financial solutions. Rimmer advocates for increased collaboration with brokers to educate SMEs on the variety of financing options available, thereby facilitating access to solutions that align with their specific ambitions and circumstances.
Time Finance is actively addressing this issue by working closely with brokers to enhance SME awareness and utilisation of financial products. The company’s commitment to education and support aims to empower SMEs to make informed financial decisions, ultimately contributing to their growth and success.
In summary, Time Finance is a UK-based independent lender specialising in providing tailored financial solutions to SMEs. Their offerings include asset finance, invoice finance, business loans, and asset-based lending. By focusing on bridging the knowledge gap and promoting broker engagement, Time Finance positions itself as a pivotal player in unlocking the full potential of SME financing.
Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. Time Finance can fund businesses or arrange funding with their trusted partners through Asset Finance, Invoice Finance, Business Loans, Vehicle Finance or Asset Based Lending.