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Bank turned down your small business loan - Now it must offer an alternative

When the Bank Referral Scheme launched our Co-Founder and CEO Katrin was interviewed for a great feature in The Guardian's Small Business Network section.

In the article Katrin talks about her experiences, what led her to creating Funding Xchange and what it means to be a designated Finance Platform by the Treasury. In the article, Katrin says:

“It’s the lack of information on what the alternative finance options are that in my mind has held people back from choosing non-bank finance. And that’s exactly what we’re trying to build,” 

“If you’ve been in business six months and you ask your bank for an overdraft, they’re not going to give it to you. They want a much longer track record. [But] just because a bank can’t fund you doesn’t mean your business isn’t a good business or that there isn’t somebody out there willing to offer excellent finance conditions.

“The theory is if you give businesses confidence and ease of access to non-bank finance options, you will be able to unlock growth in the UK.”

The journalist also featured one of our fantastic customers, Ji Yun Kim from fashion store, Wonderound, where she talks about how simple and quick it was to get finance using Funding Xchange.

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

 

This article was published in The Guardian, 1st November 2016

 

Bank turned down your small business loan - Now it must offer an alternative, published in The Guardian, 1st November 2016