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 Northridge which is part of a banking group headed by Bank of Ireland UK, one of the 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 regarding the referral process, including a link to the BBA ‘Understanding Bank Lending Referrals to Finance Platforms’ Factsheet, and the individual Platforms is available by clicking on the following link:
www.bba.org.uk/customers/business-banking/financial-support/lending-declines