The ongoing saga of what small businesses want from their banks continues to rumble on with news today a new survey that shows that what most SMEs want is a partnership with their finance providers.
According a new survey from Hitachi Capital Business Finance, 34% of small businesses say partnerships is the most important quality in a bank, with 32% identifying a willingness to lend as the key criteria.
The third key element is transparency in terms of fees and charges, something the FCA has sought to tackle with its proposals for reform of the banking market. Other issues that were raised included flexible finance terms that can be tailored to suit the business (26%) and more competitive lending rates (26%).
‘They want a committed partner for the journey’
Gavin Wraith-Carter, Managing Director at Hitachi Capital Business Finance comments: “In recent years, high street lenders have had to overcome a breakdown in trust but our research, like the Christmas Carol tale, has a potentially positive end to the story. Despite the concerns that small businesses have felt towards banks and lenders, they do want a relationship and a financial partner that will commit to the journey with them. This is a positive mandate for positive, mutual relationship building.
“What is important for small business owners to be aware of is that there are more funding choices and options available to them than just their local high street lender. Hitachi Capital Business Finance champion SMEs, we have increased our funding options and specialise in a range of tailored solutions that work hard for small and medium sized enterprises. We are open for business and we invest in building the long term relationships that SMEs so clearly want.”