Are You Looking To Secure Funding ?
Small businesses that have been refused finance by nine of the biggest banks will now have the opportunity to secure funding from alternative providers thanks to a new government scheme, supported by the British Business Bank.
Businesses that have had funding applications rejected can allow banks to pass their details onto three finance platforms - Funding Xchange, Business Finance Compared and Funding Options - which share information with providers that may be willing to provide funding.
Research shows that over 70% of businesses seeking finance only approach one lender, rarely seeking other options if their initial application is rejected. Last year 324,000 small businesses applied for finance, 26% of these applications were rejected and only 3% were referred to other providers.
The alternative finance platforms scheme is the latest measure from the government to help small businesses access the finance they need to invest and grow. To find out more about the scheme, visit the British Business Bank's website.