According to a survey published by the charity Nesta, University of Cambridge and University of California, Berkeley, alternative finance is an increasingly attractive option for those looking for new ways to secure finance rather than via traditional banks.
The survey found that the UK alternative finance market provided GBP 463 million worth of early-stage, growth and working capital to over 5,000 start-ups and SMEs in the UK between 2011-2013.
Equity-based crowd funding in the UK grew by 618% from 2012-2013, while peer-to-business lending grew by 211% from 2012-2013.
Finally, the survey predicted that in 2014 the UK alternative finance market will grow to GBP 1.6 billion and provide GBP 840 million worth of business finance for start-ups and small and medium businesses.
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