New alternative to the business overdraft launched by Bibby Financial Services

According to research by Bibby Financial Services, many SMEs are unable to access funding, with one in five relying on unsustainable forms of finance such as loans from families and friends.

The survey of 1000 business managers and directors showed that 29% were unsuccessful in their applications for funding or thought they would be rejected and hence did not even apply. A further 14% reported receiving less than they required to fulfill their business plans.

As a result, Bibby has launched ‘Flexidraft’, a new flexible funding facility for businesses that have a turnover of up to £1m. Flexidraft will act as an alternative to conventional bank overdrafts. providing businesses with quick access to the finance they need to grow their business.

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