Despite the relationship between banks and SMEs souring, Sherrington explained why access to external cash remains vital for entrepreneurs.?If a business wants to enter a new market, develop new products, expand, grow and create more job opportunities in the UK, then external funding will allow them to do this ? and maybe quicker than they would be able to otherwise. ?We?ve seen a significant rise in the availability of credit, through the form of business loans and also in the rise of alternative funders like Thincats ? which know how to find and access that capital ? allowing businesses to grow and enhance profits for shareholders.? According to Sherrington, a fresh, forward-thinking approach has enabled alternative lenders to fill the trust gap left by traditional banks. In today?s environment of ?instant gratification?, business owners are demanding a service that works for them. ?Take the classic example of Amazon ? you order an item and expect it to be delivered the next day. Going to a traditional lender can sometimes take an awfully long time to secure funding, and that?s a distraction for a business in terms of resource and management time. It holds them back,? he said. ?Alternate funding allows decisions to be made very quickly and therefore allows a business to secure funding and deliver their plans for growth. ?Normally an alternative funder is smaller, you have access to decision makers and it?s a much quicker process. It?s a lot more beneficial to a business because it allows them access to capital in a less intrusive way to a traditional lender.?
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