competition in lending market

Banks Forced to Help Rejected Small Businesses Find Alternative Finance Providers

George Osborne announces new legislation which will increase competition in lending market and facilitate small business growth Newly approved government legislation means leading banks are now required to share the details of rejected firms so they can be approached by alternative lenders. Chancellor George Osborne announced that the government will go ahead with legislation (which will come into force in the autumn) that will force banks to forward the details of small and mid-sized businesses they reject for finance to platforms that will connect them to alternative finance providers. The legislation is part of the Small Business, Enterprise and Employment Bill and is in accordance with the government’s overall strategy to increase competition in the lending market and ensure further gr... »