Data from Time Finance has shown that alternative finance is the top choice for businesses as the Government’s pandemic support ends.
The survey found that 80 per cent of businesses plan to use alternative finance to make key investments, up from 44 per cent in July 2021. Business respondents identified new staff (35 per cent) and equipment (33 per cent) as the main areas they wanted to invest in.
Ed Rimmer, chief executive at Time Finance, said: “Our most recent survey has confirmed what we have predicted for some time now; investment for growth is very much at the forefront for UK businesses and they are seeking reliable, trustworthy and accessible lenders to which they can turn as the Government ends its various pandemic relief funding and support packages.”
Rimmer continued: “In our July survey, we found that just 28% of intermediaries anticipated that their clients planned to invest in new personnel. Three months later this has climbed to 80%. That is a huge indicator of renewed business confidence and mirrors the recent reports from the Insolvency Service that August saw the lowest figure for proposed job cuts for seven years despite the imminent end to Furlough. From our survey, we can see that investments in new personnel are an immediate priority for businesses and this gives us an important barometer not just for business confidence, but for increased employment opportunities as we emerge from the challenges of the pandemic.”
The latest survey from Time Finance found that 85 per cent of businesses are confident of survival post-pandemic. Rimmer added: “It is extremely encouraging to see all signs pointing in the right direction; optimism is a true catalyst to growth and if harnessed in the right way, this will give a significant boost to our economic recovery. We at Time Finance know that we have an important role to play in unlocking businesses’ potential and we have spent many months preparing our business for the increased demand that is now materialising.”
The new data from Time Finance follows the appointment of Sharon Bryden as director of commercial loans and asset-based lending, the latest in a line of key appointments that has seen the business bolster its portfolio of funding solutions.
Bryden (pictured) said: “I have joined Time Finance at a critical time. UK businesses need robust and reliable finance but more than this they require this funding to offer diverse solutions. Time Finance is known for its varied portfolio of funding solutions, which can be accessed in tandem through our multi-product solution. Time Finance listens to its market and responds with investments in its team and its technology to aid the fast delivery of funding to businesses. Our recent survey shows that the demand is profound and we are more than ready to support those that need us.”
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