The Government has just released some statistics relating to its Bank Referral Scheme that really show how much more worthwhile it is to ask a broker when looking for Business Finance.
Under the scheme, launched in 2016, the UK’s main banks are required to pass details of small businesses they rejected loan applications for down to a select list of online credit brokers, who can help them find alternative options for finance. The released statistics show that since the scheme started, over £15,000,000 worth of loans have been brokered for SMEs rejected by the big banks. The loans brokered ranged from £110,000 to £1.3m, with £12m of loans secured in the last 12 months.
Without the scheme, none of these SMEs would have been able to get the capital required. But there’s potential for so much more. Whilst £15m might seem like a big number, in the world of commercial finance it’s not that huge – in the last year here at ASC we raised over £100m for SMEs to help their businesses grow and thrive.
It all goes to show that like we’ve been saying for 50 years, if you want business finance, go to the broker, not the bank!