Following the results of the referendum at the end of last month, it’s great to see Scotland’s thriving SME sector still on track. But, success in Scottish business could still be boosted further, and growth improved through the use of other forms of finance. And with Bibby Financial Services, the UK’s leading independent invoice finance specialist, these alternative funding options are now available.
Fit For the Future
At the recent ‘Fit For the Future; Financing Business Aspirations’ event at the Radisson Blu in Glasgow organised by Bibby Financial Services, Scottish SMEs were discussed at length. There’s a certain lack of awareness of other forms of funding when it comes to small and medium-sized businesses, and more fitting financial options are definitely being overlooked.
Time For SMEs to Refocus
Modern businesses are well aware of traditional bank loans and overdrafts – with 42 per cent of businesses opting for overdrafts, and 37 per cent bank loans, but it’s time for SMEs to refocus their efforts. Funders such as Bibby Financial Services offer a large range of different financing options for a variety of clients across a broad range of sectors.
Raising Awareness About Alternative Funding
So as Scottish SMEs and UK businesses move forward, and continue to strive for growth and success, it’s important that awareness about different funding options is raised. Modern SMEs deserve to have a wider choice of finance, and shouldn’t have to stick to traditional forms, especially if they don’t suit the ambitions of a business.
About the Author
Having worked in financial services for over 36 years, Andrew Darling is a specialist in invoice discounting, factoring and trade finance solutions. He currently manages the development of business with higher turnover companies at Bibby Financial Services, specialising in corporate finance for businesses with turnover of £5 million or more.