There’s no doubting there’s a desperate need for funding or the dislike for the big banks but what do you look for with the alternatives?
Is it the interest rate, lender’s experience, speed of approval, or how well they understand your industry? Is it something else? We asked finance expert Neil The Bank Doctor Slonim what to look for.
Slonim said choose a fintech which:
- Has strong financial backing.
- Is run by people who are motivated by the right reasons.
- Is fully transparent about their offering especially re: fees.
- Can demonstrate a successful track record even if it is only for a short period.
- Has people you can talk to when you need.
- Has a genuinely distinctive offering.
- Has liquidity management options (for balance sheet lenders).
If you are going for a bank, choose one which:
- Has a demonstrated understanding of your industry.
- Is genuinely committed to the SME sector.
- Embraces innovation and partnerships in order to offer products and services that save you time and money.
We asked Slonim about who the main players are, what SMEs should look for in a lender, and why the banks should be worried.