Cardiff Businesses Lag in Alternative Finance Uptake
A recent survey in Cardiff reveals a lower uptake of alternative finance solutions among Welsh businesses compared to the national average. Only 28% of Cardiff businesses have explored these options, while 35% of businesses nation-wide have done so.
The survey also highlights a lack of confidence and knowledge regarding alternative finance solutions in Cardiff. A staggering 38% of respondents lack confidence in their understanding of these solutions, higher than in Scotland and Northern Ireland. Additionally, nearly one fifth of respondents in Cardiff are unsure where to seek new funding.
In contrast, 66% of UK respondents have at least some knowledge of finance outside of banks, indicating a growing awareness of alternative funding options. Across the UK, the confidence in understanding non-bank funding has improved, with 34% of respondents feeling confident, compared to 45% in 2018. The Welsh government's 2019 survey among SMEs in Wales provides these insights.
Despite the growing awareness of alternative finance solutions across the UK, Cardiff businesses lag behind in consideration and confidence. With 54% of Cardiff businesses preferring banks as their first port of call for new funding, higher than the national average of 51%, there's a clear need for increased awareness and education about alternative finance options in the region.
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