Government launches funding solution for small businesses
Funding Xchange's Co-Founder and CEO Katrin was quoted in an article by Fresh Business Thinkin on 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 are initially 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.
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This article was published in Fresh Business Thinking, 1st November 2016