GLI Finance responds to recommendation of Funding Options for the Bank Referral Scheme
Commenting on Budget 2016 announcement that Funding Options has been recommended for designation for the Bank Referral Scheme, Louise Beaumont, Head of Public Affairs & Marketing at GLI Finance said:
“We are delighted that our investee Funding Options has been recommended by the British Business Bank to go forward for designation by HM Treasury for the Bank Referral Scheme. The decision is a major breakthrough for SMEs across the UK who are unable to access the critical funding they need to grow.
The momentum built today is the culmination of tireless efforts made across industry, government and regulators since the idea was first put to the Number 10 Policy Unit by representatives from the alternative finance industry in late 2013. HM Treasury, British Business Bank, and the FCA all deserve recognition for driving this forward and not losing sight of how important the issue of SME funding is to the UK economy. Further, we commend the British Business Bank on their robust and data-lead procurement process, and note the encouraging recent Competition & Markets Authority announcement on SME finance comparison services, as it further highlights the market-led approach of the Scheme.
For those of us who have been closely involved from the very beginning, we must continue to work to ensure that the Scheme achieves its full potential in helping SMEs access the finance they need to thrive. There is a huge economic opportunity at stake for the UK if we get this right, with a recent report by GLI Finance highlighting that £20bn could be added to the UK economy if SMEs had greater awareness and understanding of their finance options.
As well as working to help the Bank Referral Scheme realise its full potential, we also need to redouble our efforts on how we can drive the effective behavioural change needed amongst SMEs to prevent over-reliance on traditional banks as the first port of call when seeking credit. SMEs are the lifeblood of the economy and we must strive to create an environment in which lack of available credit is no longer an issue.”
About GLI Finance
GLI Finance is a leading investor in the global alternative finance sector offering a spectrum of financial solutions to SMEs.