With securing credit to grow often being a barrier for many SMEs, the government is providing support in order to help them to expand and create new jobs.
New figures show that over the past 12 months, 889 businesses have raised more than £23 million through the Bank Referral Scheme, which matches them with alternative sources of finance such as revolving credit and asset finance.
This is a significant increase compared to the previous year and the scheme has now raised £56 million for businesses all over the UK.
The Economic Secretary to the Treasury, John Glen, commented, “It’s great to see businesses across the UK getting the investment they need to protect jobs and grow. By matching small businesses with alternative finance providers, this important scheme has delivered £23m in funding since July 2019.”
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Email JaimeThe scheme was launched in November 2016 after it was found after being turned down for a loan by their bank, small and medium-sized businesses rarely sought other options for financing.
It requires nine of Britain’s biggest banks to pass on the details of businesses they have turned down for loans to online credit brokers. These platforms are, in turn, required to share their details, in anonymous form, with alternative finance providers, helping to facilitate a conversation between the business and any provider who expresses an interest in supplying finance to them.
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