Easy business finance. A lot of people and brokers talk about it. A lot of lenders say they provide it, but does it actually exist?
OK, let’s look at the facts. Take your pick from the following key pieces of information relating to ‘easy business finance’;
- In quarter one (Q1) 2013, lending to small businesses increased on the same period in 2012
- A flamingo can only eat when it’s head is upside down
- Over half of all small business overdraft and loan applications were approved in Q1 2013
- Mosquitos are twice as attracted to blue as any other colour
- More small businesses asked for finance in 2013 than in 2012
- All polar bears are left handed
So, easy business finance. Lots of facts around huh? Actually, there is a lot of misinformation and very little in terms of fact. There is a lot of structured reporting with an aim rather than pure fact.
Of the details above, only the animal based information was correct. The rest is wrong. We only do this to show how easy it is to give out poor information.
If we were to correct things then;
- In Q1 2013 new small business loans approved were £1.5bn compared to £1.9bn in 2012
- Bank statistics show 74% of overdraft applications were approved in Q1 2013
- Actually, we don’t know how many applications were made in Q1 2013, however indications based on approvals suggest it is lower than 2012
What Does Any Of This Mean?
Our point here is that you can produce statistics that show pretty much anything you want. Our take is that any company thinking that easy business finance actually exists may be fooling themselves.
However, easier business finance does exist, in fact we do it everyday. Don’t get caught up in a media storm of information, reporting and data. Every business is different, we understand that and will work with it. We have even created a simple enquiry form to help!
If you want to see how we can get pretty near to ‘easy business finance’ then add your comments above, or contact us via the website.
By Dave Farmer
Statistics from – BBA