SJD Accountancy
Join Now
Join now
Sorry, we're closed

Lines open Tuesday from 08:00 - 20:00

  • Services
    • Our Services
      • Accountancy Packages
        • Compare Services
        • Essential
        • Essential Pro
        • Premium
        • Elite
      • Sole Trader Packages
      • Company Formation
      • Switching Accountant
      • Tax & Audit Services
        • Self Assessment
        • Questionnaires
      • Insolvency Services
      • IR35 Contract Reviews
      • Special Offers
    • Partner Services
      • Umbrella
      • Business Insurance
      • Contractor Mortgages
      • Wealth Planning
      • Health Insurance
      • IPSE Membership
      • Rewards
  • Contractor Resources
    • Contractor Library
    • Top Guides
      • The Contractor’s Guide
      • Limited or Umbrella. The Ultimate Guide
      • Complete Guide to IR35
    • Contractor Tools
      • Limited Company Name Generator
      • Compare Your Day Rate
      • Gender Pay Gap Tool
    • Contractor Calculators
      • Take home pay
      • IR35 calculator
    • Becoming a Contractor
      • Permanent to Contracting
      • How to contract
      • Contractor earnings
      • Contracting in the UK
      • Umbrella take home pay
      • Limited or umbrella
      • Contracting through an umbrella
      • FAQ’s for new contractors
    • Existing Contractor
      • Expenses
      • Taking money out your company
    • Financial Advice
      • Business banking
      • Contractor and business insurance
      • Contractor pensions
      • Contractor mortgages
      • Off-Shore
    • Understanding Legislation
      • IR35
      • Flat Rate VAT scheme
  • About
    • Company
      • About SJD
      • Contact us
      • Careers
      • Terms of Business
      • Terms & Conditions
      • Privacy Policy
    • News
  • Clients
    • Refer to SJD
    • SJD Online
Search Search

SJD Accountancy > News and Opinion > Uncategorized > Many Limited company contractors are looking for alternative funding provider

SJD Accountancy > News and Opinion > Uncategorized > Many Limited company contractors are looking for alternative funding provider

Many Limited company contractors are looking for alternative funding provider

Author
Written by:Digital
Uncategorized
2 minutes
Published: January 4, 2019 Updated: June 28, 2019
  • Twitter
  • Facebook
  • LinkedIn
  • Email

A new report has found that many small to medium-sized business owners, such as Limited company contractors, are looking for an alternative funding provider to banks.

In September, research from Bibby Financial Services (BFS) surveyed 1,000 smaller sized business across the UK, and found that a third of SMEs were looking to change their business funding provider this year, citing a lack of flexibility and poor customer service among the top reasons for moving.

Funding provided by asset based finance providers jumped to a record £18.9bn in the second quarter of the year, according to trade body the Asset Based Finance Association.

According to David Posting, BFS Chief Executive, the reason for so many businesses looking for an alternative funding provider to banks, is due to growing awareness of alternative forms of finance following proposed measures, including the Government’s Small Business, Enterprise and Employment Bill, announced as part of the Queen’s Speech in June.

He said, “The Government’s efforts to expand business lending beyond the banks – including mandated referrals to other lenders – have been well publicised, and this has built awareness of the services provided by alternative funders. The launch of the Competition and Markets Authority inquiry into SME lending is a sign that expanding the financial options for businesses is high on the agenda, which will help to sign-post alternative finance even more.”

From July to the end of September this year, BFS boosted funding to UK PLC from £392m to £415m, representing a 5.8% increase in just three months.

David added, “Businesses are starting to become aware of the range of funding options available and many are turning away from traditional sources of finance. Throughout the summer months and into the fourth quarter of the year, funding enquiries have increased significantly, resulting in our best ever month in July, followed by strong performances in August, September and October.”

How much could you be earning as a contractor? Type in your daily or hourly rate into our contractor calculator and see how much you could be taking home.

If you wish to appoint SJD as your accountants, simply complete our online Client Agreement Form or speak to a member of our New Business Team who can complete the client agreement form on your behalf. Call 01442 275789 or email newbusiness@sjdaccountancy.com.

For all other news please visit our Contractor News hub, or why not join us on Facebook and follow us on Google+ for all the latest contractor news, views, debates and competitions.

Related Articles

National Freelancers Day is Going Virtual
Uncategorized
Contractor News Roundup: March 2020
Uncategorized
What can contractors expect from the Conservative government?
Uncategorized
SJD Accountancy continues to drive new frontiers with new CEO appointment
Uncategorized
SJD Shortlisted in Contracting Awards
Uncategorized
Spring Statement 2019
Uncategorized

Back to top

Contact Us

  • 0123456789

Useful Links

  • Terms & Conditions
  • Recruiters
  • Privacy
  • Slavery Statement

New Business Hours

Monday - Thursday8:00 AM — 8:00 PM
Friday8:00 AM — 7:00 PM
Saturday10:00 AM — 4:00 PM
SundayClosed

Copyright SJD Accountancy 2021. All rights reserved. SJD Accountancy Ltd is a company registered in England & Wales. Company Registration Number 06277058.