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.