Over half of finance brokers working in the field of asset finance expect 2017 to be a positive year for the growth of the industry, a poll from United Trust Bank suggests.
The ‘broker sentiment survey’ carried out in January found that 54% of brokers believe that demand for asset finance from SMEs will increase in 2017, whilst a further 42% expect to stay the same.
Just 4% of respondents expected to fall, whilst half of the brokers working in the fields of asset finance, development finance, bridging finance and mortgages felt that government was not doing enough to support small businesses.
Martin Nixon, head of asset finance at United Trust Bank, said: “We back the view that there’s plenty of potential for growth in the Asset Finance market this year and, in our experience, there’s no shortage of SMEs looking for funding to grow.
“More is being done by organisations such as the FLA and NACFB to increase awareness of the benefits of asset finance to SMEs as many business owners will still have a blinkered view of what asset finance can do for them.”
74% of brokers described the outlook for their own businesses over the coming year as ‘bright’ with nearly a third predicting that the UK economy would grow beyond expectations in 2017.
Nixon added: “The flexibility, speed and sheer versatility of asset finance, combined with a greater understanding of the products and services available, will ensure that the sector continues to thrive.”