Entirely North West

MANCHESTER FINANCE NEWS


Financial Directors lack confidence in alternative finance


A new research piece launched today shows that Finance Directors lack confidence when it comes to accessing certain forms of funding, according to Tindall Perry.



Financial Directors lack confidence in alternative finance

These findings come despite a recent rise in awareness of alternative finance. Research from the independent senior recruitment specialist reveals that 74 per cent of Finance Directors at SMEs describe their knowledge of alternative finance as average or above. However, only a quarter of companies surveyed suggested that they were comfortable with accessing crowdfunding, with peer-to-peer lending also scoring less than 50 per cent.

In contrast, 85 per cent of companies said that they understood how best to access asset-based lending (ABL), while invoice finance, trade finance and venture capital all saw a positive response rate of between 55 and 75 per cent.

Despite this, traditional bank lending remained the funding of choice for financial directors, with 83 per cent suggesting that they would approach their bank for finance in the first instance.

Tindall Perry’s ‘View from the Top’ survey, comprising more than 200 SMEs, was developed to look at the access to business funding available to assist growth.

"Having the right management team and financial advice is crucial when it comes to accessing funding, as well as developing the best training plan to ensure knowledge gaps are plugged."
Leyla Tindall, Managing Director



Leyla added: "In recent years, the benefits of alternative finance have become increasingly apparent to businesses across the country, particularly when helping our SMEs to unlock growth."

"However, in many instances there remains a disconnect between awareness and understanding. For most Finance Directors, that lack of understanding prevents them from accessing peer-to-peer and crowdfunding platforms, which could be having a detrimental effect on growth.

 

 




DISCLAIMER: The statements, opinions, views and advice expressed in this article are those of the author/organisation and not of ENTIRELY. This article should represent information correct at the time of publication however whilst every care has been taken to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. ENTIRELY will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within this article or any information accessed through this site. The content of any organisations websites which you link to from ENTIRELY are entirely out of the control of ENTIRELY, and you proceed at your own risk. These links are provided purely for your convenience and do not imply any endorsement of or association with any products, services, content, information or materials offered by or accessible to you at the organisations site.





Get The Entirely Weekly Brief In Your Inbox



Crowe Clark Whitehill


With an office in Manchester city centre, Crowe Clark Whitehill is a leading national firm offering audit, tax and advisory service. Michael Jayson heads up the Manchester office.






Moore Accountancy Limited


Moore Accountancy are a proactive firm of Chartered Accountants based in South Manchester working predominantly with Start Ups and Small Business.\r\n\r\nWe work alongside businesses, helping with their tax and accounting needs, leaving business owners with more time and energy to focus on growing their businesses and client base.\r\n\r\nWe Do More Than Just Accounting!






Sedulo Chartered Certified Accountants


Sedulo is an established firm of accountants, with offices based in Manchester city centre and Cheshire, providing expertise in accountancy solutions and commercial business advisory services.






Cowgill Holloway

Accountants and business advisors


Cowgill Holloway are a leading independent firm of chartered accountants and business advisors based in the North West, with offices in Bolton, Manchester and Liverpool. Established for over 30 years, and over 140 staff members, we work with all types of businesses. Our entrepreneurial ethos and partner-led approach is tailored to help you achieve your ambitions and financial aspirations.






Vernon Building Society

Building Society


Founded in 1924 in Stockport, Cheshire, the Vernon is an independent, mutual building society. We seek to provide competitive mortgages, savings and investment products and to be a trusted source of reliable financial advice within our local community.






RECOMMENDED FOR YOU ON ENTIRELY FINANCE






















Auto Enrolment Compliance


Tax Manager of the Liverpool office, Gary Loughlin, is encouraging small employers to undertake a review of their payroll procedures to ensure that they understand the changes in law, on workplace pensions



























CardOneBanking Banks on Degree 53


CardOneBanking, an FCA authorised current account provider, wanted to offer its customers mobile apps for the iOS and Android platforms to complement the online services for its personal and business account holders, making them more accessible and efficient