Nearly two-thirds (64%) of UK brokers believe SME awareness of asset finance as a means of raising short-term capital is increasing, according to a survey by United Trust Bank (UTB).
The UTB survey also found 89% of brokers believe SMEs will continue to use asset finance even if high street banks ease the current credit restrictions which have led businesses to seek alternative sources of funding.
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Brokers responding to the survey cited asset finance product flexibility and quick funding turnaround times as two key reasons why SMEs may continue to use asset finance to raise working capital.
Martin Nixon, head of asset finance at UTB, echoed the optimism of brokers responding to the survey, and said customers which have experienced the flexibility and speed offered by brokers and leasing funders, may be difficult for the High Street lenders to win back.
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By GlobalData
