Update on Bank Referral Scheme

Source: HM Treasury | | 05/09/2018

The government’s Bank Referral Scheme was launched in November 2016. The scheme, created by the Small Business, Enterprise and Employment Act 2015, is designed to help improve SME access to finance and competition in the SME lending market.

The bank referral scheme imposes a statutory duty on nine of the UK’s biggest banks to pass on the details of small businesses, who have been unsuccessful in applying for finance to three Government designated alternative finance platforms.

The three finance platforms are the Alternative Business Funding, Funding Options and Funding Xchange. These platforms are, in turn, required to share their details with other alternative finance providers to help small businesses access much needed finance not available from mainstream banks.

New figures published by HM Treasury have revealed that in the period from 1 November 2016 to 30 June 2018, nearly 19,000 small businesses who were rejected for finance from one of the big banks have been referred under the scheme. Of these, over 900 businesses went on to secure more than £15m of funding with an average value of £17,285. 



Accountancy service

“Are you feeling confused about how to comply with HMRC’s accountancy requirements?

Read more...

Your business

Your business

Are you a Start-up business? Are you a little confused about the different types of companies? 

Read more...

Virtual Director

Virtual Director

Are you looking to grow your business? A Virtual Financial Director can help you take your business to the next level.

Read more...

Xero

XERO

Ensure that your business has the edge over your competitors and incorporate Xero into your business, today!

Read more...

Latest News

Auto-enrolment qualifying earnings band figures for tax year 2019/20 confirmed
22/01/2019 - More...
The draft Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band)

Statutory payment rates for tax year 2019/20 confirmed
22/01/2019 - More...
The following statutory payment rates are confirmed: The standard weekly rates

EU Settlement Scheme fee is to be scrapped
22/01/2019 - More...
The Prime Minister has announced in a speech to the House of Commons that the

Search News


Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login