Budget Day: Funding Options Recommended for Designation for the Bank Referral Scheme
16 March 2016
Comments Conrad Ford, CEO of Funding Options:
“The Bank Referral Scheme is a necessary and positive step forward for UK SMEs declined for finance by their banks.”
“The tragedy for SMEs looking to grow is that most simply give up if they are rejected by the bank. The Bank Referral Scheme should help to stop this happening and provide more of the funds that SMEs need to grow and create new jobs.”
“Funding Options welcomes the competitive market-led approach of the Bank Referral Scheme, further endorsed by the Competition & Markets Authority’s recent announcement on SME finance comparison services.”
“Funding Options is very proud to be recommended by the British Business Bank to go forward for designation by HM Treasury for the Bank Referral Scheme, after a thorough assessment process that further validates why many of the UK’s most respected SME-focused organisations already work with Funding Options.”
“We are incredibly proud of the role that Funding Options has already played in developing the UK’s world-leading alternative SME finance sector, not just with well-known names where for example one of our team was recently Funding Circle’s introducer of the month, but with dozens of smaller alternative finance providers whose websites often feature case studies originally introduced by Funding Options.”
“Above all else, we are proud of the hard-working SMEs that have gained finance through Funding Options, from the Isle of Skye to Devon, and from Norfolk to Northern Ireland. At Funding Options, we believe in letting our customers speak for themselves — any SME using our service is able to leave comments on the independent review site Trustpilot, where Funding Options has the highest possible score of “Excellent”.
A selection of public Funding Options customer case studies is available.
You can find out more about the Bank Referral Scheme on the British Business Bank website.
Notes For Editors
It was announced in the 2014 Budget that the government intended to match SMEs rejected for bank finance with alternative business finance providers, subsequently passed into law as part of the Small Business Enterprise Act. Today in the 2016 Budget, the government announced its intention to designate a small number of online Finance Platforms to play this vital role of connecting rejected SMEs with alternative finance providers. As well as Funding Options, the other designated platforms are Bizfitech and Funding Xchange.
Read more about the Bank Referral Scheme.
There is a huge economic prize at stake for UK Plc, with a recent report by Cambridge University’s Centre for Alternative Finance and GLI finding £20bn lost to the UK economy each year through lack of alternative business funding awareness. Recent Funding Options research showed continuing challenges for traditional finance, with 30% of SMEs having overdrafts withdrawn or reduced in the last two years, and more than £5m in overdrafts withdrawn daily. (Read more: Life After The Business Overdraft)