Fintech Firms Extend Credit to UK Manufacturers in Preparation for Brexit

Fintech firms are extending credit to UK manufacturers so they can stockpile raw materials in case a no-deal Brexit actually occurs; loans to these manufacturers jumped 8.4 percent last year, while loans to small businesses overall contracted by 0.3 percent; Chris Roberts, head of origination at small business finance platform CODE Investing, tells AltFi, “What is particularly striking is that while finance continues to flow to manufacturers who need it, the source is shifting; from traditional banks to the growing number of alternative finance providers, whose appetite to lend remains strong.”; the potential of a no-deal Brexit can have cascading ramifications all over the British economy and the uncertainty is causing sectors to prepare. Source.