A quarter of small firms believe that the quality of service offered by their bank has deteriorated over the past year; despite this fact the vast majority (82 per cent) still use traditional bank funding to finance their business. This suggests that many owners and managers are simply unaware of the many alternative funding options available to them and quite simply choose the easy option.
David Robertson, Chief Executive of Bibby Financial Services, said;
“It’s worrying that small business owners and managers are not fully aware of the many viable alternatives to traditional bank funding, such as factoring or invoice discounting. Whilst ignorance may indeed be bliss, for the vast majority of owners and managers, this means being on the receiving end of completely unacceptable levels of customer service from the big banks.”
