London, England – November 28, 2017
Good news for small business, as the UK government has finally started to make efforts for their survival. Finance for small business has always been an issue of discussion. There are various small businesses and start-ups that struggle to gain funding from big banks due to poor credit score.
For the record, over 230 small businesses is the past nine months have been rejected loan from big banks are said to have received £3.8 million altogether from alternative lenders.
A referral scheme for banks backed by the government (initially launched in November 2016) requires to pass on the data from the nine biggest banks of the UK that contains the information regarding the small business that they have turned down for loans to three finance platforms namely,
• Funding Xchange
• Business Finance Compared
• Funding Options
Further, these platforms are said to share their details with alternative finance providers and move on to initiate a conversation between the business and the interested alternative finance provider who is ready to finance the business.
Authorities at Nucleus Commercial Finance believe that, SMEs are the backbone of the UK economy and it is their right to have an access to a wide range of sources of finance. A refusal from any big bank should not be an end for these small businesses and thanks to the government-backed scheme that these SMEs are provided with another funding option like us to survive in the market.
For the matter of fact, over 200 businesses in the UK are said to have benefited from this scheme. However, the number of benefited business is bound to increase as the scheme matures.
Another platform called the ‘Alternative Business Funding’ have joined this schemed from November 1, 2017. The government will continue to work with banks to embed and improve their referral processes.
Nucleus Commercial Finance is one such business funding firm that helps small businesses and start ups in financial needs. They offer various services to their client business.
To know more about the services they offer, you can visit their website https://nucleuscommercialfinance.com/products
Nucleus Commercial Finance Ltd.
2 Gees Court
+44 (0)207 839 9451