Nine of the UK’s largest banks are now legally required to help find funding for business owners that have had their application for a loan rejected.
On 1st November 2016, the bank referral scheme became active. The aim of the scheme is to provide entrepreneurs with information about alternative sources of funding to help them get the money they need.
As a small business owner you have an 80% chance of getting denied a loan by the bank. This is due to increased regulations, downturn in community banking and the fact that there is less profit on small loans. Therefore alternative routes of funding are more needed than ever.