Europe's small firms turn to non-traditional lenders

Madrid

EUROPE'S small companies are overcoming cutbacks in bank lending by increasing funding from non-traditional lenders, according to Deloitte LLP.

Financing from buyout firms, insurers and pension providers more than doubled to 73 deals in the third quarter compared with the same period in 2013, according to the report. The private debt funds have committed 50 billion euros (S$81 billion) and are looking to raise another 15 billion euros next year, Deloitte said.