FOR IMMEDIATE RELEASE
Commenting on the Government’s British Business Bank’s Small Business Finance Markets Report launched today, Katrin Herrling, founder and CEO of Funding Xchange, the independent online platform that links businesses looking to borrow with appropriate lenders, voiced disappointment that the report made only passing comment to the lack of awareness of small businesses on the wide variety of sources of finance available to them.
Agreeing with BBC Business Editor, Simon Jack, who chaired the launch of the Report, Katrin Herrling said: "There have been 50 new bank licenses agreed in the past 10 years, 16 of which have been applied for in just the last two years. Yet the vast number of small businesses believe that their only route to a loan is through their mainstream bank. The report notes that there is a general lack of awareness by businesses of the range of finance providers and it is disappointing that there is no particular recommendation aimed at educating businesses on the options open to them. Funding Xchange is focused on doing exactly this, but we do need the Government to drive the agenda more."
Funding Xchange is the leading business funding market place. The innovative platform links businesses to the funders who are most likely to have an appetite to lend to them.
Funding Xchange was one of the four founding portals appointed by the government to provide a declines platform for businesses being declined by their mainstream bank on loan applications.
The platform works with a range of high profile business advisors, such as KPMG, and with most of the banks and lending providers, providing access to finance for many SMEs who wish to grow.
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