Treasury selects Nottingham start-up BusinessFinanceCompared.com for new SME referral scheme

8 years ago

Following today’s Budget announcement, BusinessFinanceCompared.com, the finance marketplace operated by Bizfitech, is delighted to be chosen as one of three platforms behind the new bank referral scheme.

After a thorough selection process, the Treasury has announced its intention to designate Nottingham-based platform to assist small businesses who have had a funding application rejected by a bank.

Bizfitech is a product of Blenheim Chalcot, the UK's leading Venture Builder with 14 year's experience of providing technology-based solutions in financial services. Its BusinessFinanceCompared.com platform has already helped thousands of businesses find the finance they need to succeed and grow, by helping them narrow down the market to find the right deal for them.

The referral scheme, announced by the Chancellor in 2014, aims to help businesses struggling to access finance via the banks. According to figures released by the Bank of England last year, June 2015 saw the largest drop in lending to small businesses since records began. Likewise, British Business Bank (BBB) survey evidence suggests approximately 100,000 small business finance applications are declined by banks each year. Under the new scheme, rejected applicants will be offered the opportunity to be referred to the designated platforms – giving them a second chance at getting the funding they need to grow.

BusinessFinanceCompared.com’s unique approach helps businesses find the right finance option for them. Their unique technology allows SMEs to check their eligibility and calculate certainty of being approved by different finance providers – giving them the confidence to apply. As an independent comparison company, small businesses can also be confident that they will only receive the options which are the best fit for their requirements with the choice of lender remaining with them.

Last year BusinessFinanceCompared.com and ComRes carried out research in Nottingham, which showed that 45% of businesses surveyed have delayed expanding operations due to problems accessing business finance. They also found that fewer than 1% had accessed peer-to-peer finance, equity crowd funding or merchant cash advance – all of which are available to small businesses through BusinessFinanceCompared.com.

Commenting on the news, Olly Betts, CEO of BusinessFinanceCompared.com, said:

“Today’s announcement marks a turning point for businesses looking to secure finance but for whom the banks are unable to help. At BusinessFinanceCompared.com we are committed to helping businesses flourish by connecting them with the finance they need to grow, in a clear, transparent and independent way.

“Access to finance can often make or break a small business. It is very encouraging to see the Government take the initiative and press ahead with a scheme to better enable businesses to access finance when more traditional methods are not an option.

“We look forward to building on our existing relationships with the banks to create an improved journey to finance for small businesses. Using our experience of successfully integrating with banks we have focused on developing a secure and flexible technology solution so we can implement this scheme to the benefit of small businesses.

“Being part of the Government’s referral scheme provides us with the opportunity to help businesses that could grow and succeed – but who simply haven’t found the right finance for them yet.”

Notes to Editors

BusinessFinanceCompared.com, the finance marketplace operated by Bizfitech, connects small businesses with the finance they need to succeed and grow. We do it in a clear, transparent and independent way. Our platform helps small businesses identify the finance options they will be approved for and narrows them down to the best deals for them. We operate in an entirely independent and transparent manner. We shortlist the options that best match the applicant’s needs – and we do not give preferential treatment to any lender.

Launched in spring 2015 after 12 months of research and development, BusinessFinanceCompared.com is young but growing fast. We are driving momentum and scale by investing in the best user experience, integrating the widest range of lenders, and creating successful outcomes for small businesses. BusinessFinanceCompared.com has an experienced leadership team and a committed group of backers behind it. They have an impressive track record of building companies that use technology to solve problems for small businesses, and intend to keep investing in BusinessFinanceCompared.com’s early success.

About Blenheim Chalcot

We build businesses that transform industries Blenheim Chalcot traces its roots back to netdecisions, the internet services group founded in 1998. Back then, we set out to create companies that could transform industry sectors. We have since built over 40 businesses in a variety of sectors, including IT services and outsourcing, financial services, education, travel, software, sport and media. Today, our companies have sales of over £350m and employ in excess of 3000 people. Working with entrepreneurs and co-founders, we continue to create and build businesses in these sectors, often from the ground up. We have developed a number of principles that determine the businesses and industries we engage in. We look for high growth, potentially large industry sectors, typically undergoing some market, technology or regulatory discontinuity, where we can build scalable platforms that satisfy a significant customer need, resulting in strong and sustainable margins. We also have a proven approach to developing companies and their teams. We think of them as our building blocks of successful growth companies, combining agile strategy, disciplined governance, processes and financial management, all underpinned by agile leaders and teams. In order to support our businesses, particularly in their earlier stages of growth and as they scale, Blenheim Chalcot also provides a range of Venture Builder services, covering technology, marketing and sales, talent acquisition management, talent development, community, recruitment, accounting, legal and property. This combination of great teams, a supportive environment and continual innovation helps us create established leaders in their fields.