“Recently we’ve seen a significant deterioration in loyalty being shown by small to medium businesses toward their banks. In fact, loyalty has fallen 239% over the past 3 years. This is not surprising really given recent events, especially in the wake of the GFC.
Many businesses in the $1-5 Million annual turnover range are increasingly turning to third party brokers like us at Finlease to source equipment finance.
A number of factors have brought about this situation:
- the perceived lack of funding available from the major banks
- withdrawal of multinational banks has also limited funding
- increased competition for available funds
- shorter time in a given positions by ‘relationship managers’, meaning they have little chance to understand how a particular business is tracking
- financiers are seeking more information in finance applications, which is time consuming for small business operators
This tougher climate provides further justification for enlisting the services of a specialist business finance broker to serve as your advocate in sourcing equipment finance or in fact all forms of business finance.”
Finlease (Aust) Pty Ltd
1300 FINLEASE (346 532)