28th May 2014

BBA submission on the Government’s Consultation ‘SME finance: help to match SMEs rejected for finance with alternative lenders’

The banking industry is committed to encouraging competition within the sector in order to benefit businesses through product choice and improved customer service. Our consultation response outline’s the BBA’s support for the Government’s aim of ensuring businesses are given a choice of an alternate route or alternate support (referral) when declined finance – by any provider.

The major banks, through the BBA, operate a referral portal with Community Development Finance Association and its key members institutions which is now piloting with the Start Up Loans Company and is intended to expand in 2014.

The paper also endorses the Government’s on-going work on the regulatory framework to support new market entrants and maintain regulatory proportionality.

Please read the full response via the link below.

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