We recently revealed the issues presently facing British start-ups, with 30% of SME owners saying funding issues are the biggest barriers to their business growth.
Over 52% of SME’s surveyed suggested that they believe banks are not as business friendly as they could be, so the need to support business growth and investment is more important than ever before.
As an alternative finance provider, LDF can support businesses to spread the cost of investment and expenditure, with a fresh and friendly approach. With over 30 years’ experience, our alternative finance options are uncomplicated and suitable for a variety of funding requirements, such as Asset Finance and cash flow management (Business Loans).
Finance helps White Cross Vets grow by 20%
The SME research conducted by LDF shows over half (53%) of Leeds businesses have borrowed an average of £75,479 in order to grow their business over the past 12 months.
Family-run business, White Cross Vets, has announced ambitious growth plans that will see them expand to 16 practices by the end of this year, having achieved 20% year on year growth for four consecutive years.
Since opening their doors in 1937 at their first practice in Leeds, they have expanded significantly across the North of England and the Midlands.
Group Finance Manager, Jo Jobling decided to turn to alternative finance following changes in traditional bank lending, which at the time did not offer them the flexibility to grow the business.
“When we put our business model to the bank, they loved it, but advised they simply couldn’t help us. Banks are very corporate now, and don’t have the ability to help start-ups and small businesses.
“In 2012 we were introduced to LDF, and since then we have worked in partnership with them to develop White Cross Vets from 9 practices to 16 at the end of the year. They have learnt about our business and in turn, we have learnt about asset finance.
“The funding we received enabled us to open five new practices creating 60 new jobs, as well as the purchase of veterinary equipment such as Digital X-rays and Ultrasound Scanners. We have also recently installed new sound systems that are scientifically designed to reduce stress in cats and dogs – this ‘Meaow-sic’ is a real hit with patients and their owners.”
Peter Alderson, Managing Director of LDF said: “Over 99%* of private sector firms in the UK are made up by small to medium-sized businesses and whilst this sector is clearly thriving, our survey sheds light on the harsh financial realities faced by start-ups and established businesses alike.