Bank Referral scheme helps 700 small businesses

The governments Bank Referral Scheme has helped nearly 700 small businesses secure funding after they were rejected by their banks, as we back businesses to create good jobs.

Key facts:
  • · One of the biggest challenges for a growing small business is securing credit. Thanks to this scheme over £15 million has been found for businesses who were rejected for finance by their bank. 
  • · Over the past 12 months, 670 businesses have raised over £12 million of funding through the Bank Referral Scheme, four times what was raised in the previous year. 
  • · The Bank Referral Scheme requires Britain’s biggest banks to pass on the details of small businesses they have turned down for loans to online credit brokers. The brokers then help those businesses to source funding from alternative, and often smaller, lenders. 

Why this matters: Small businesses are the backbone of Britain, yet many give up on their plans to expand if they can’t get a loan from their bank. Now however, thanks to the Conservative government's match-making scheme and our mission to make the economy work for everyone, they have another shot.

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