
New research from independent lender Time Finance reveals that nearly 60% of small and medium-sized enterprises (SMEs) in the UK have never considered alternative finance providers, relying instead on their main bank for commercial funding.
The Finance Apathy Survey, conducted in partnership with Censuswide, highlights a lack of awareness among SME decision-makers about independent finance options. It found that only 27% of businesses rejected by their banks sought funding elsewhere.
The trend is more pronounced in certain regions, with over 70% of businesses in the East of England, East Midlands and North East never looking beyond their primary bank. In contrast, the figure is lower in the North West, at 50%.

Time Finance CEO Ed Rimmer emphasised the flexibility offered by independent lenders, which operate outside traditional banking structures. “With a manual underwriting process that avoids rigid lending criteria, independent lenders can offer tailored finance solutions to businesses that may have been turned down elsewhere,” he said.
Rimmer noted that greater education and support are needed to help SMEs explore alternative finance options. The survey found that only 28% of SME decision-makers had used a broker to access funding. “Brokers and intermediaries play a crucial role in guiding businesses through the finance landscape,” he added. “By strengthening these partnerships, we can improve awareness of specialist finance options and help SMEs unlock their growth potential.”
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By GlobalData