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Could crowdfunding be right for your business?

Crowdfunding is winning the PR war – the number of companies aware of this novel form of finance has soared – but numbers using it remain low, reveals analysis of 100,000 small and medium-sized firms with regard to crowdfunding and borrowing.

The huge survey, conducted every quarter by SME Finance Monitor, found 41 per cent of such firms are aware of crowdfunding, up 22 per cent on 2014, but just 1 per cent have used it.

The same survey also shed light on firms’ expectations of getting loans or overdrafts. Around 99 per cent of organisations looking for a renewal were confident of success, but only 57 per cent were actually approved. For new funding, 70 per cent felt confident but only 43 per cent were successful.