Whether it's a short-term loan to cover the purchase of new equipment or a longer-term arrangement to help expand into new markets, businesses - small and large - need cash. But, following the financial crisis, mainstream lenders appear to remain nervous, leaving SMEs with limited options for financing. Tackling this challenge - and giving fintechs an added value customer service with revenue opportunities - Saxo Payments Banking Circle has launched Banking Circle Lending.
The latest research from Banking Circle revealed that many SMEs applying for finance have experienced difficulties in borrowing from their usual bank. Interest rates and fees were the biggest concern. The speed of response was also a challenge. However, over half (58 per cent) said they would be encouraged to seek finance from a non-bank if it offered lower interest rates.
