Nearly a fifth of UK SMEs (16%) would consider applying for a peer-to-peer (P2P) loan over the coming year.
Meanwhile, a quarter of smaller businesses (24%) believe they will struggle to access finance over the next 12 months. These are the findings of a new study by rebuilding society, a peer-to-business lending website.
Additional research by rebuildingsociety also found that one in four (26%) people in the UK (or up to 12 million) would consider loaning money to UK SMEs by joining a P2P scheme in 2014 when the sector will be fully regulated by the Financial Conduct Authority (FCA).
Moreover, the research also revealed that 17% (or up to eight million people) would currently consider P2P lending over the next 12 months without requiring additional regulatory protection. This is despite the fact that money lent through P2P is currently not covered by the Financial Services Compensation Scheme and lenders could lose cash if borrowers default.
Daniel Rajkumar, managing director at rebuildingsociety.com, said: “This research shows P2P lending is well on its way to entering the financial mainstream with strong levels of interest from consumers and SMEs alike. The FCA’s regulatory oversight from next year will provide consumers with an additional layer of protection and our study shows this is very likely to boost take-up.”
Sally Percy is editor of The Treasurer