Bank Referral Scheme opens up alternative finance options

Scotland B2B, 01 Nov 2016

Under the new referral scheme, banks will be required to give small businesses which have had their loan applications declined the chance to be passed on to alternative lenders.

UK small businesses which have been refused finance by the banks can now have their applications passed on to rival lenders as part of a new Government-led referral scheme.

The Bank Referral Scheme, which was originally announced back in 2014, has been officially launched this week to boost the finance options open to small businesses.

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