Financing Your Business

Financing Your Business

Business Funding Matchmaking Service

Small firms that have been refused finance by nine of the biggest banks will have the opportunity to secure funding from alternative providers with the aid of a new matchmaking service.

Firms that have had funding applications rejected can authorise banks to pass on their details to the Funding Xchange, Funding Options and Business Finance Compared platforms, which share information with providers that may be willing to provide funding.

Around 70% of firms that apply for finance only approach one lender and rarely seek other options if rejected.In 2015 around 324,000 smaller firms applied for finance, and while 26% of applications were rejected, only 3% were referred to alternative providers.

More information about the Business Funding Matchmaking Service.