Growth Street responds to DirectLine for Business’s research released today that shows that 74% of SME owners have set-up their business so they can scale it up or down without affecting its overall viability.
Greg Carter, CEO of business finance specialist Growth Street, says: “It’s no surprise that many of Britain’s resourceful business owners set up their businesses to be agile and able to respond to changing demand throughout the year. What businesses desperately need, though, is for financial services providers to adapt to businesses’ growth plans by delivering truly flexible finance.
“We all know that banks don’t like giving businesses overdrafts any more, but if a growing company experiences peaks and troughs throughout a 12-month period, as is often inevitable, why should it be lumbered with a lumpy, restrictive repayment schedule from a term loan, for instance?
“There are facilities, like Growth Street’s GrowthLine, which use real-time data to flexibly respond to businesses’ requirements. Banks who rush to foist invoice finance or term debt facilities on ambitious businesses don’t necessarily have the best interests of the customer at heart. Let’s give our business owners what they deserve: sustainable, long-term relationships with finance providers who really understand them.”