Small businesses both locally and abroad are increasingly turning to non-bank sources for loans, with alternative-lending startups almost growing faster than they can handle.
Two separate reports last week indicated SMEs were eschewing big banks as their typical sources of funding, instead setting their sights on new market entrants offering more competitive rates and better service.
For the first time in five years, the Scottish Pacific SME Growth Index, commissioned by local lender Scottish Pacific, found the number of SMEs who picked their bank as their main source of lending capital had dropped below 20%.
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