Fleximize’s co-founder and managing partner, Peter Tuvey, discussed the impact of the bank referral scheme on SME lending in an article for Business Zone.
Peter said the scheme, which obliges nine of the UK’s largest banks to refer small businesses that it has rejected for funding to alternative lenders, “has the potential to revolutionize the way in which SMEs receive finance.”
Despite the growth of the alternative finance market in recent years, many companies are still unaware of the funding options available to them. “This is one of the major issues the bank referral scheme is looking to address,” says Pete. “Ultimately, if banks refer SMEs on following their rejected request for a loan, it could greatly improve their understanding of alternative finance.”
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