Paul Aitken, CEO and founder of borro, comments:
“Young entrepreneurs with ambition and drive represent a crucial element of the future of business in the UK. As funding hasn’t been readily available over the past few years, they need all the financial help they can get to maximise business ideas and opportunities.
“The Government has made numerous promises to reinvigorate lending channels to businesses in the UK. While concentrating on the younger generation through the Start-Up Loans scheme is great news, the Government still has a responsibility to help established businesses, especially those who may be struggling to access liquidity from traditional sources such as the banks and building societies.
“At borro we see SMEs and entrepreneurs unlocking liquidity from high value personal assets such as fine art, antiques and prestige cars, when they need to realise a business opportunity that would not have otherwise been possible. The average loan value to SMEs (who make up the majority of borro’s loan book) rose 41 per cent, from £17,000 to £24,000, from 2011 to 2012.”