Following our recent #constructionfinance survey of 100 construction sector businesses I have started to analyse the results a little more deeply.
Of the total, 75% raise applications for payment (rather than invoices) so I focused on just this group. Of those that raise applications for payment:
- 79% see the need to raise finance over the next year
- 69% also say they would benefit from payments against uncertified applications for payment
- 45% also say that they have not had a quote for such a funding product
- Of the 45% that could be suitable prospects for construction finance, 79% had never heard of such a funding product!
The numbers may seem complicated but it boils down to a significant volume of construction sector businesses that have a need for funding but have never heard of construction finance funding against uncertified applications for payment – a product that is available from several providers within the invoice finance marketplace.