March 7th, 2019.

With a competitive loan offering that is fast and flexible, alternative finance provider Merchant Money is successfully breaking barriers in the small business economy.

Small and medium-sized enterprises (SMEs) in the UK account for over 99% of private sector firms, and in 2017, they employed some 16 million people—or roughly a quarter of the country’s population.

What’s more? According to FSB’s Small Business Statistics, they’ve also plugged in a combined annual turnover of £2 trillion. 

Yet despite being the country’s primary job creators and positively contributing to the UK’s GDP, access to capital remains a major challenge for many entrepreneurs looking to grow and expand their business.

According to SME Web, high street banks convert only 8% of small business loan applications. “Due to regulation, due to banks having huge cost structures, due to SMEs not having standardised data, there’s quite a big funding gap,” says Code Investing CEO Ayan Mitra.

Financial institutions are cautious about lending to SMEs, and it’s especially difficult for younger companies who don’t have several years of financial statements to support a loan request.

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