Following the momentous decision of the British public to leave the EU, there has been much talk of how this will affect the UK economy, and in particular the finance sector. Shares in the high street banks have dropped sharply, which may start to impact on their ability and willingness to lend to UK businesses, in particular SMEs.
This is actually nothing new. Since the banking crisis of 2008, the banks have withdrawn or reduced significant amounts of their lending to UK businesses, so Brexit will simply further exacerbate the situation.
However, the good news is that since 2008 Plus Finance has actively moved away from the high street banks as a funding source and we have built up a whole new group of funders, collectively known as the alternative finance sector.
Our industry has been completely revolutionised by a number of new entrants to the finance sector, meaning we are no longer reliant on the high street lenders but have plenty of other options. In fact, we now have more funding partners than ever before, all competing with each other to offer cheaper and more innovative finance solutions to our clients.
If you find projects are stalling because of the uncertain months ahead then please do remind customers of the ready availability of funding through Plus Finance. More so now than ever before, the introduction of an alternative form of funding such as leasing may well be the conversation that unlocks a project for you.
Please do not be put off by the rhetoric, carry on and keep offering leasing!