Fresh Business Thinking

Government launches funding solution for small businesses

Publication: Fresh Business Thinking
2nd November 2016

Funding Xchange’s Co-Founder and CEO Katrin was quoted in an article by Fresh Business Thinkinon the launch of the Bank Referral Scheme.

Here’s a clip from the article:

The Treasury has designated Funding Xchange as a finance platform, who will be working with nine leading UK banks to help secure funding solutions if the bank is unable to help.

The Government policy aims to help the 25% of small business loan applicants who areinitially declined by the banks.

Many of these businesses simply cancel their growth plans rather than explore alternative options that may be more suitable. The British Business Bank estimates that 100,000 businesses have their applications for debt rejected each year, representing a possible funding gap in the UK of £4bn.

Katrin Herrling, co-founder and CEO of Funding Xchange, said: “The launch of the Bank Referral scheme is a significant step in helping the UK's small businesses source funding more easily. Even if the bank says 'no', Funding Xchange will be there to help tens of thousands of small businesses access the best funding solutions that are right for them.

Click here to read the article online or see the image below.