Fintech lender ThinCats revealed that 23% of younger businesses were more likely to source an alternative finance platform, compared with just 4% of older businesses.
- B&C roundtable: Bridging market standards, network involvement and attracting quality brokers
- ThinCats surpasses £500m in SME lending
- 30% of UK millennials hope to start their own business
Other highlights from the research included:
- 65% of businesses where decision makers were aged under 35 revealed that traditional banks weren’t their first choice for funding, compared with 30% for businesses where decision makers were aged 55 and over
- 22% of younger decision makers said they’d choose an alternative finance platform, whereas just 6% of older decision makers said they’d consider that option
“…It’s encouraging to see that smart-minded entrepreneurs are switching to the growing number of non-bank lending alternatives,” said Damon Walford, chief development officer at ThinCats.
“It’s critical that UK entrepreneurs can access modern funding solutions for a modern economy.”