Bank referral programme not helping small businesses

The Times reports that the government-backed bank referral scheme, designed to improve the journey for businesses seeking funding when banks decline their application, has not been as successful as desired. 

In its first 9 months, the scheme has only helped 230 business in raising around £4m of funds. The British Business Bank reported that nearly 35,000 loan applications were made in Q1 2017 alone. 

Liquidity Club can assist small businesses in raising finance, with expert knowledge of the market and the ability to source appropriate finance quickly. Contact us to discuss your business funding requirements, and we can tailor a solution to fit.

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​https://www.thetimes.co.uk/article/teach-yourself-to-deal-with-a-bank-loan-rejection-98xpg58cg
https://www.bba.org.uk/news/statistics/sme-statistics/bank-support-for-smes-1st-quarter-2017/#.WiVGZrSFiAx