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Firms Rejected For Loans Will Have Applications Passed On Under New Bank Referral Scheme

Firms Rejected For Loans Will Have Applications Passed On Under New Bank Referral Scheme

Small businesses who have been rejected finance by banks, can have their applications passed on to rival lenders in a new government-led referral scheme. Launching this week, the Bank Referral Scheme was originally announced back in 2014 by then chancellor George Osborne and aims to increase both traditional and alternative finance options available to small businesses. Currently, the ‘big four’ of Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland Group provide 80% of loans to small businesses – suggesting there is room for more alternative lending in the small business space. Nine banks will be required to give businesses, who’ve had their loan request denied, the opportunity to have their applications passed on to either Funding Xchange, BusinessFinanceCompared or Funding O... »

How Alternative Finance Could Accelerate Your Business Growth

How Alternative Finance Could Accelerate Your Business Growth

So you’ve survived the early stage of your business and you’ve decided that it’s time to take the next step. There are many avenues you can invest your time and money in, and alternative finance can be an ideal way to fund projects aimed at expanding your business. Alternative finance is the internet’s answer to traditional bank loans and options can include peer to peer (P2P) lending, crowdfunding and unsecured business loans – you can even get business loans with bad credit much more readily than in the past. Here are five ways you can utilise alternative finance to take your business to the next level: Upgrade your online presence Sixty-four percent of all in-store sales were influenced by the internet in 2015, making it more important than ever to elevate your online visibility. From y... »