Finally some good news for SMEs who may have been rejected for business finance by their bank.
An article in The Times has announced that "The Chancellor is considering forcing banks to refer
credit-starved small and medium-sized companies to alternative providers of
finance.
"Banks are not obliged to refer an SME that they have turned
down to an alternative funder. The Government is keen to make this process
mandatory, potentially by introducing legislation, and intends to begin a
consultation process. The announcement could be made in the Budget statement on
Wednesday."
The full article can be found here (subscription required):
