Update on Bank Referral Scheme
04/09/2018

The government’s Bank Referral Scheme was launched in November 2016. The scheme, created by the Small Business, Enterprise and Employment Act 2015, is designed to help improve SME access to finance and competition in the SME lending market.

The bank referral scheme imposes a statutory duty on nine of the UK’s biggest banks to pass on the details of small businesses, who have been unsuccessful in applying for finance to three Government designated alternative finance platforms.

The three finance platforms are the Alternative Business Funding, Funding Options and Funding Xchange. These platforms are, in turn, required to share their details with other alternative finance providers to help small businesses access much needed finance not available from mainstream banks.

New figures published by HM Treasury have revealed that in the period from 1 November 2016 to 30 June 2018, nearly 19,000 small businesses who were rejected for finance from one of the big banks have been referred under the scheme. Of these, over 900 businesses went on to secure more than £15m of funding with an average value of £17,285. 


About Us

Established in 1991 based in Epsom Surrey, CWM use technology to its fullest extent enabling us to work with clients based anywhere, with maximum efficiency resulting in lower costs.

Accreditation

 icaew logo 

   

    

sage1   xero transparent

Contact Us

1a High Street
Epsom
Surrey
KT19 8DA
Phone: 01372 727333
Email: info@cwmaccountants.com

Newsletter Sign Up

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login