From 1st November if a small business is rejected by one of nine main high street banks it is not the end of the road. In the past 71% would only ask one lender. Now the banks will have to refer rejected SMEs to three alternative lending platforms.
This is because the government believes lending to SMEs as essential to economic growth and job creation.
The three alternative platforms are Funding Options, Funding Xchange and Bizfitech which you will probably have never heard of. through these platforms businesses will have access to more than 50 alternative lending providers.
The minimum lending is £1000 and be available to businesses with income up to £25 million. The service will be free to small companies.
For more information see
http://bizfitech.com/—–based in Nottingham