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Peer2Peer Finance News | September 23, 2019

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bank referral scheme

Bank Referral Scheme data shows just 5pc of SMEs are accessing loans

August 29, 2019 |

ONLY five per cent of small businesses that have been referred to alternative finance providers under the Bank Referral Scheme have gone on to get a loan, official data shows.

The Bank Referral Scheme, launched in November 2016, mandates nine … Read More

Iwoca slams government’s ‘failing’ bank referral scheme

May 23, 2019 |

THE GOVERNMENT’S bank referral scheme is failing and needs a major overhaul if it is to plug a £10bn small- and medium-sized enterprise (SME) funding gap, says Iwoca.

In an open letter to the Chancellor Philip Hammond, the SME finance … Read More

SMEs accessing loans ‘within hours’ through Bank Referral Scheme

January 9, 2019 |

FINANCE aggregator Alternative Business Funding (ABF) has hailed the success of the government’s Bank Referral Scheme after helping three firms secure funding within hours of being rejected by their mainstream financial institution.

The Bank Referral Scheme was launched in November 2016, … Read More

SME finance aggregator quits Bank Referral Scheme

December 4, 2018 |

ONE OF the first business finance aggregators to take part in the Bank Referral Scheme has quietly left the government initiative.

Sources close to the Treasury have told Peer2Peer Finance News that Business Finance Compared left the scheme in … Read More

Fintechs such as P2P lenders can reduce risks of banking system

July 17, 2018 |

PEER-TO-PEER lending has been cited by the Treasury as an example of fintech’s ability to reduce risk in the financial sector by reducing concentration.

The government released a response on Tuesday to the 2017 fiscal risks report, which outlines the … Read More

3pc of SMEs obtained finance under bank referral scheme

August 11, 2017 |

LESS than three per cent of small businesses referred to alternative lenders via the bank referral scheme have obtained finance, according to the first-ever statistics on the initiative released by the Treasury.

230 small- and medium-sized enterprises (SMEs) have collectively … Read More

Industry split on bank referral scheme ahead of Treasury announcement

July 28, 2017 |

THE TREASURY is expected to release its first public figures on the bank referral scheme in the coming weeks, with the commercial finance sector divided on the initiative’s success.

The government-backed scheme launched last November to much fanfare, mandating nine … Read More

Budget: Funding Options calls for SME tax breaks

March 6, 2017 |

FUNDING Options is urging the government to cut taxes for small- and medium-sized enterprises (SMEs) in Wednesday’s Budget, in order to incentivise investment.

The online business finance supermarket, which is one of the three platforms selected to be part … Read More

Strictly business

February 13, 2017 |

Peer-to-peer lending is often associated purely with consumer lending and borrowing, but the enormous potential of the business lending market could spell huge growth for the industry. Just as long as platforms are prepared to do a bit of hard … Read More

Government referral scheme faces competition from NatWest

November 1, 2016 |

THE THREE aggregator platforms chosen for the government’s bank referral scheme will have competition in sourcing alternative finance for small businesses, as NatWest’s own referral initiative enters its full launch phase.

The high street lender, which is owned by … Read More