FOR IMMEDIATE RELEASE

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.'

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About Forum of Private Business

The Forum of Private Business is a not-for-profit comprehensive business support organisation founded in 1977. Our membership is spread throughout the UK and primarily made up of companies that employ between 1-50 employees, helping them to manage employees, saving time, giving advice, support and protection where a business needs it.

We are a recognised leading authority on business issues and represent the interests of business owners on many consultative bodies. We have built a solid reputation, being influential in many areas of policy-making, in changing laws that affect small businesses, and we continue to campaign for the fair treatment of businesses within the UK.

Everything we do is about making sure our members’ businesses operate profitably. This means that every penny we make goes back in to supporting our members, providing the support and resources that will enable businesses to flourish and grow.