iwoca SME Expert Index

Our quarterly survey with influential UK SME brokers who collectively submit thousands of small business finance applications per month.

SME Expert Index data

Colin Goldstein
Commercial Growth Director of iwoca

"Our SME Expert Index provides a regular snapshot on what’s driving small business owners to borrow, according to finance industry experts. It shows trends in the types and value of finance being accessed, and how these patterns change as the country navigates economic shifts in the market."

SME Expert Index
Q4 2023 headline statistics

77%

of brokers say high street lenders are reducing their appetite for funding SMEs

26%

of brokers report that SMEs’ most-requested loan amount was over £100,000

49%

of brokers surveyed report their SME clients having any recession fears

45%

of brokers say SMEs are currently most concerned about increased business running costs

> See full data trends

The market as a whole has bounced back after the continuous doom and gloom expected in 2023 - this has now filtered down to SMEs who have gained renewed confidence. At TAFCO we have noticed a rise in loans above £75,000 with a desire to settle higher rate debt, consolidate smaller loans and reduce outstanding terms on the back of an increased order book. We expect this to continue given the rate decrease across the market, from both unsecured and secured Hire Purchase debt.
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Our strategy has always been to utilise specialist lenders outside of the high street to ensure that our customers are supported across all of their requirements; the creditworthiness and requirements from high street lenders has become restrictive to many businesses.