The recently-published “SME Finance Monitor” (all 123 pages of it) contained some very interesting statistics about where businesses are looking for funding. The most popular targets are (not surprisingly) the banks. But given that so many SMEs have their bank loans refused, where else do they look?
The biggest category is grants with 28% of businesses looking to this form of finance. That’s (coincidentally) exactly the same percentage as the percentage of grants that have closed during the past 12 months (see our recent research findings). Our view is that grants are still worthy of consideration but that businesses need to look seriously at other sources of funding as well.
Have you recently applied for a grant? What other sources of funding are you considering? Share your experience in the comments below.