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28th September 2018
SMEs must take future in their own hands, says ArchOver CEO
Following UK Finance’s lending update – which found that lending to manufacturers grew 7.4 per cent over the last year, compared with an overall contraction of 2.1 per cent for UK business borrowing – CEO of P2P lending platform ArchOver Angus Dent comments on the good news for manufacturers and how struggling SMEs can ensure their success.
He said: “It’s good news that UK manufacturers are getting the support they need from investors. As we approach the Brexit deadline, we need to rally behind British companies that have a good business model and a strong chance of success.
"It’s telling that firms with assets on hand are getting support, but overall the lending trend is down. Companies that thrive on intellectual property are a key part of the UK economy, from technology to services, and we mustn't make the mistake of overlooking innovative firms in those sectors.
“High-growth SMEs should make sure they consider a wide range of funding options to ensure they get the finance they need to succeed. Those who are struggling to access cash should look beyond the traditional banks to alternative finance models that can provide the flexibility they need.
"It’s not enough to simply look at these figures and shrug – companies need to take their future into their own hands and seek out providers who understand the value of their business."