A new research study commissioned by payment fintech Sonovate found that 26% of the surveyed SMEs found it tough to get finance from their main banks, while 38% said the banks don’t understand their business needs. Around 41% of respondent SMEs said their main banks are unaware of modern business needs, while 38% said their banks didn’t provide any services beyond lending. Meanwhile, 37% of respondents said alternative lenders have made it easy to get finance. The research report comes in the wake of a recent Financial Conduct Authority announcement asking banks to improve their treatment of small business owners.
