A report has found that more British businesses up and down the country are getting the financing they need to grow and expand.
Since its creation in 2016, the Bank Referral Scheme (BRS) has helped hundreds of small and medium-sized businesses to access finance after they were turned down by their bank.
The scheme was launched in response to evidence which suggested that after being turned down for a loan by their bank, small and medium-sized businesses rarely sought other options for financing.
Over the past 12 months, 796 businesses have raised nearly £17 million of funding through the Bank Referral Scheme, a significant increase on the previous year.
Since it was introduced, £32 million has been sourced for businesses all over the UK.
The Economic Secretary to the Treasury, John Glen, said, “It’s great to see this scheme go from strength to strength, with nearly 1,700 British businesses up and down the country accessing the funding they need.
“It’s not right that so many small and medium-sized businesses simply had to give up when they were turned down by their bank for a loan.
“I now want to see more of our trailblazers and entrepreneurs use this scheme to get the backing they need to grow and help boost our economy.”
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