Responding to the latest figures from the Asset Based Finance Association (ABFA) which show the highest ever quarterly funding balance, Matt Haw, Baker Tilly Restructuring and Recovery Partner said:
‘‘The record figures released by ABFA demonstrate a growing awareness and acceptance among SMEs of asset based financing as an alternative to traditional bank lending.
‘Our latest survey of SMEs found that although bank lending was still the preferred source of funding, just over a third of respondents were willing to consider invoice financing, and about the same number were prepared to seriously consider crowdfunding and peer-to-peer lending.
‘The growth in the market also underlines a growing confidence in the sector among SMEs, thanks to the efforts made by the industry to improve standards.’