47% rise in garages and MOT centres seeking flexible credit
The garage and MOT sector was the fifth-fastest growing customer of the alternative and flexible finance market, according to 365 finance (Photo: 365 finance)
Demand from automotive workshops for alternative finance is up 47 per cent over the last 12 months, making the sector one of the five fastest-growing alternative funding customers in the UK. Overall, the research conducted by 365 finance reports a 42 per cent year-on-year increase in small-and-medium-sized-enterprise (SME) funding across the country.
Camden-based 365 finance found that the five biggest growth sectors over the last 12 months, showing the largest rises in demand for funding, were: 1) Online businesses, 87 per cent growth; 2) Hotels: 55 per cent growth; 3) Medical and professional services, 49 per cent growth; 4) Hair and beauty salons, 48 per cent growth; and 5) Garages and MOT centres, 47 per cent growth.
Managing Director at 365 finance, Andrew Raphaely, commented: “The increase in garages and MOT centres applying for alternative finance is down to numerous factors, including the ongoing higher costs associated with running any business right now, but also the need to periodically purchase new equipment and stock, along with maintaining and updating premises.”
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