A survey by payments giant WorldPay has found that 52% of SMEs are concerned that bank loans will not be as readily available in 2018 as they are now while nearly a third of SMEs claim to have already encountered problems finding fresh finance.
The survey also found that of the SMEs that sought funding over the last 12 months, 29% said that they were put off from going ahead because the costs were too high.
However, 40% of younger business owners say the growth of alternative finance options, such as peer-to-peer lending and business cash advances, have reduced their reliance on bank funding.
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