URICA Blog: Partner Funding Xchange part of new Bank Referral Scheme

Finance provider URICA, has written an article on how Funding Xchange has become designated as a finance platform, as part of the Bank Referral Scheme, and what it means to small businesses. To find out more about URICA and the type of finance they offer, click here.  

Just because you’re a small business and you’ve been turned down by your bank it doesn’t mean you’re not able to access finance. More often than not it’s purely because you don’t fit the criteria laid out by the bank – it’s especially tough for small businesses that don’t have a proven track record.

The Bank Referral Scheme aims to help the potential 100,000 businesses that are turned down by their bank each year. On 1 November, the HM Treasury designated Funding Xchange as a referral platform to help these SMEs – a proud partner of URICA.

Funding Xchange brings all lenders to one platform in order to help small businesses secure finance. Even Funding Xchange’s CEO has experienced it first hand as a business owner, knowing what it’s like to need alternative funding to finance her business. She explained on BBC Breakfast and in The Guardian why the Scheme is so important - 85% of businesses applying through the platform are successful, so it’s important for businesses not to be disheartened when they’re turned down by their bank as alternative solutions are out there.

If you want to know more about the Bank Referral Scheme, just click here for our handy FAQ or give us a call to find out more on: 020 3695 9206.