The UK Government’s Small and Medium Sized Business (Finance Platforms) Regulations

The Government’s small and medium sized business (Finance Platforms) referrals scheme went live on 1 November 2016.

The scheme aims to help businesses whose application for credit has been unsuccessful with one finance provider, find a suitable finance provider who is willing to offer the finance required.

The scheme requires Northridge which is part of a banking group headed by Bank of Ireland UK, to offer business customers whose application for credit has been declined a referral to a Government designated finance platform.

Further information regarding the referral process, including a link to ‘Understanding Bank Lending Referrals to Finance Platforms’ Factsheet, and the individual Platforms is available by clicking on the following link:

www.ukfinance.org.uk/unsuccessful-lending-applications-and-lending-declines