By Claire West
£72bn could be injected into the UK economy thanks to seven in ten Brits willing to invest in British business.
The average saver is prepared to invest £2,080 into businesses who are looking for the finance they so desperately need to grow.
The research carried out by OnePoll to mark the 2nd birthday of Funding Circle, showed that for the first time that hard-working Brits are taking greater control of their own finances instead of leaving them at the mercy of the banks.
Figures released last week by the BBA showed that banks are failing to provide adequate support for small businesses and recent scandals coupled with poor interest rates has spawned a nation of savvier savers.
Almost two thirds of the population are looking at alternative investment options away from traditional savings accounts with many now turning to UK’s small firms with their funds.
Funding Circle itself has enjoyed an 89% surge in people joining since the Libor crisis unfolded.
Samir Desai, CEO of Funding Circle, said:
“The UK economy continues to face some very tough times and small business growth is vital to kick starting it. The downturn and endless tales of bad behaviour by the banks has ignited a passion in UK savers who are now looking for ways to grow their money away from traditional savings accounts.
This provides a huge opportunity for small business owners who can now borrow direct from consumers who want a decent return. Banks may not be lending but savvy savers are willing to back British business.“
Research showed that over 90% of investors on Funding Circle have never invested in a small business before. Four in five people would recommend trying new models like this to a friend demonstrating a trend for savers willing to try alternatives to traditional banks.