Seventy per cent of small and medium-sized British companies are focusing their efforts on paying down debt and remaining debt free, it has emerged.
The research from business intelligence agency, BDRC Continental, polled 5,000 SMEs and found that more than a third would apply for alternative funding as a way to clear debt and help their business grow.
With smaller businesses operating on what can be a very tight budget, entering the red, particularly with the likes of HMRC, could result in a fatal blow to the company, which is why it’s crucial to remain financially savvy and seek professional help when required.
What many firms don’t realise is that business assets can be levied to realise finance and equity, which can be used to clear debt, manage costs and ensure cash flow remains healthy and consistent.
As the asset finance market continues to thrive, these figures confirm the strong appetite for alternative funding among SMEs, with business owners citing greater flexibility and credit availability as the main reasons behind approaching specialist providers instead of their own bank.
To see how Praetura Asset Finance can help you secure immediate access to funds and take the financial strain off your business, contact us today on 0333 323 7800.