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 2024 headline statistics

38%

of brokers say lower taxes would be the most effective way to drive SME growth in 2025

70%

of finance brokers say conditions for SMEs have worsened since Labour took office

53%

of brokers cite rising business costs as the top concern

51%

of brokers report that SMEs are still concerned about a potential recession

> 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.