Dr Anthony Gandy, Visiting Professor at The London Institute of Banking & Finance, helped to launch a report he co-authored in Belfast this week, which examines crowdfunding as a means for small and medium enterprises (SMEs) to secure funding.
Funded by the UK’s Institute for Small Business and Entrepreneurship, the study, entitled “The SME-Bank Relationship: Exploring the Impact of Crowdfunding at Start-up” was undertaken by a research team led by Ulster University Business School and included The London Institute of Banking and Kent Business School.
Fourteen small businesses throughout the UK were interviewed to ascertain how they used crowdfunding to grow their businesses. In addition, 13 senior lenders in the main banks throughout the UK were contacted to see the extent to which they saw crowdfunding as an opportunity or threat to their existing business model.
Dr Anthony Gandy said:
“In short there are clear roles for both banks and the crowdfunding alternative. The key to success for SMEs is being aware of what finance options are available and the optimum time in the business lifecycle to avail of them. For banks it is vital that they become more conversant with non-traditional platforms and more aware of the alternative funding landscape generally. This provision of meaningful advice plays a strong role in the SME-Bank relationship, especially at times where bank networks are contracting.”
For more information, please visit: https://www.ulster.ac.uk/ulster-life/events/business/potential-of-crowdfunding-for-smes