Boost Capital has revealed the primary reasons businesses have been applying for their funding through brokers.
The firm revealed that SMEs borrowing unsecured finance through brokers are taking loans of between £3,000 and £500,000 to grow their businesses.
These finance injections have helped small businesses so far with inventory, remodelling, cash flow, expansion and more.
Top reasons for coming to Boost Capital via brokers
| Reason for loan | %type |
| Expansion | 26% |
| Remodelling | 21% |
| Cash flow | 19% |
| Equipment purposes | 16% |
| Other (misc) | 10% |
| Inventory | 8% |
Top five types of businesses coming to Boost Capital via brokers
| Business Type | |
| 1 | Eating & Drinking |
| 2 | Personal Services |
| 3 | Automotive Services |
| 4 | Hotels |
| 5 | Retail (other) |
Marc Glazer, CEO of Boost Capital, said: ‘’It is essential that SMEs with growth potential have access to finance without needing to give up precious equity or risk any assets. That is why we’ve entered the market with to provide an attainable financing solution for UK SMEs that are looking for help to grow.
‘’Small and medium-sized businesses are the foundation of the UK economy. There are a great many healthy SMEs who are struggling to get access to capital to fulfil their growth plans.
“Boost Capital is here to meet their funding needs quickly, providing capital within five days as well as an affordable repayment plan that suits their unique business. Without this much-needed boost, growing SMEs cannot participate in the UK’s economic recovery’.”
