The government has announced that its bank referral scheme has helped 230 British businesses access £3.8m of funding in its first nine months, but should we be celebrating that statistic?
Bank Referral Scheme
Anthony Persse, director of strategy at Ultimate Finance, considers whether the Bank Referral Scheme is a solution to a problem that doesn’t exist.
Philip Hammond has unveiled on plans to ensure SMEs are referred to other lenders after bank rejection, but Barry James is not happy in his open letter.
P2P lending service rebuildingsociety.co.uk is the latest funder to join Alternative Business Funding (ABF), the platform which looks set to become a point of referral for banks who reject business borrowers.
The British government is looking to shake-up the business loans market by introducing new legislation insisting that banks inform rejected would-be borrowers of alternative options available online.