As new research released this week has revealed that almost a third of micro businesses are refused bank funding, business cash advance provider, Liberis, has joined the funding portal Alternativebusinessfunding.co.uk to lend financial support to the independent retail sector.
Liberis has become the first revenue-based funder to join the rapidly expanding finance portal that aims to support SME’s requiring non-bank funding solutions. By joining forces with Alternativebusinessfunding.co.uk, Liberis brings a significant addition to the funding options on offer, especially for micro (up to nine employees) and small businesses that are often turned down for bank funding.
Key findings from the OnePoll research commissioned by Liberis showed that 32 per cent of micro businesses have funding applications rejected, even with two thirds (66 per cent) applying for less than £10,000. As a result, 60 per cent suffered cash flow problems or missed a business opportunity. The research also showed that micro businesses are less likely to seek alternative funding sources than their larger SME counterparts, mainly because they don’t know where to look.
Liberis CEO, Paul Mildenstein, commented: “It’s great to be part of this unique resource for SMEs that are unable to get bank funding, or are looking for a genuine partnership approach to funding their business. We bring to the portal another valuable and unique funding source, especially for micro and smaller businesses that need flexible finance that fits their business.”
Since launching in May, Alternativebusinessfunding.co.uk has brought market-leading alternative financers together under one umbrella for the first time, and helped thousands of business owners source alternative funding options