Forum of Private Business welcomes banks' new declines referral platform
The Forum of Private Business welcomes the launch today of the banks' new referral platform offering businesses who have had their lending request declined, the opportunity to be referred to an alternative lender who may be able to support them.
Ian Cass, Chief Executive of the Forum said, ' We have been waiting well over a year for this platform to be launched, but now that it has been we hope that it will help businesses who need loans and overdrafts to look beyond the banks when they are unsupportive. Cash flow is critical to the success of businesses, and their growth has been restricted by the banks' retrenchment. This initiative should now open the way to businesses finding alternative sources of funding from the emerging banks and alternative lenders. Whist we welcome this, we are calling on the new lenders to be completely transparent with their terms and conditions, and their pricing, to ensure that businesses do not find themselves committed to high interest rates and onerous terms.'