Awareness gap for SMEs is holding back businesses, survey finds

Small businesses are often unaware of the opportunities for alternative financing, according to a survey by Ipsos MORI for the British Business Bank.

The recent poll revealed that 59% of small business finance intermediaries in Northern Ireland - including accountants, lawyers and small business financial advisors - believe demand outstrips supply for smaller business finance.

Northern Ireland was singled out as smaller businesses feel unlikely to be fully aware of options relating to equity and alternative finance.

Mark Sterritt, Regional Network Director at the British Business Bank, said:

“The survey has revealed a gap in the supply of latest age equity in Northern Ireland which is an opportunity for SMEs to look at other funders and widen the connections to networks throughout the UK."

Findings like this demonstrate that it is vital for SMEs to use all the tools at their disposal for investigating opportunities for finance. Andrea Reynolds, Founder and CEO at Swoop, says:

"No business should fail because they didn't know their options. Platforms such as Swoop are able to inform SMEs of their full suite of funding opportunities, assist business owners through the process of applying for finance and make the whole journey more efficient."

Visit www.swoopfunding.com for more details on securing finance, grants and equity for your business.