Treasury selects Nottingham firm for new SME referral scheme
Nottingham-based financial technology business BusinessFinanceCompared.Com has been selected by the Treasury to deliver a new scheme which helps businesses which have refused loans by banks.
The referral scheme, announced by the Chancellor in 2014, aims to help businesses struggling to access finance via the banks. Under the new scheme, rejected applicants will be offered the opportunity to be referred to the designated platforms.
Olly Betts, CEO of BusinessFinanceCompared.com, said: “This announcement marks a turning point for businesses looking to secure finance but for whom the banks are unable to help. At BusinessFinanceCompared.com we are committed to helping businesses flourish by connecting them with the finance they need to grow, in a clear, transparent and independent way.
“Access to finance can often make or break a small business. It is very encouraging to see the Government take the initiative and press ahead with a scheme to better enable businesses to access finance when more traditional methods are not an option.
“We look forward to building on our existing relationships with the banks to create an improved journey to finance for small businesses. Using our experience of successfully integrating with banks we have focused on developing a secure and flexible technology solution so we can implement this scheme to the benefit of small businesses.
“Being part of the Government’s referral scheme provides us with the opportunity to help businesses that could grow and succeed – but who simply haven’t found the right finance for them yet.”
Last year BusinessFinanceCompared.com and ComRes carried out research in Nottingham, which showed that 45% of businesses surveyed have delayed expanding operations due to problems accessing business finance. They also found that fewer than 1% had accessed peer-to-peer finance, equity crowd funding or merchant cash advance.
