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The UK Government’s Small and Medium Sized Business (Finance Platforms) Regulations

   

The UK Government’s Small and Medium Sized Business (Finance Platforms) Regulations

The Government’s small and medium sized business (Finance Platforms) referrals scheme went live on 1 November 2016.

The scheme aims to help businesses whose application for credit has been unsuccessful with one finance provider, find a suitable finance provider who is willing to offer the finance required.

The scheme requires Bank of Ireland UK, as one of nine Government designated banks, to offer business customers, whose application for credit has been declined, a referral to a Government designated finance platform.

Further information about the referral process including a link to the BBA ‘Understanding Bank Lending Referrals to Finance Platforms’ Factsheet, is available by clicking on the following link:

https://www.bba.org.uk/customers/business-banking/financial-support/lending-declines

   

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Government designated Finance Platforms – Product information comparison:

Please find below direct links to the individual Government designated finance platforms to allow product information comparison:

  1. Business Finance Compared - http://www.businessfinancecompared.com/
  2. Funding Options - www.fundingoptions.com/bank/238/
  3. Funding Exchange - www.fundingxchange.co.uk/cma7