The Treasury’s bank referral scheme secured loans for just one in 20 companies, a review has revealed.
Designed to help increase access to finance for small businesses, the bank referral scheme obligates nine major banks to refer small businesses they decline for loans to independent services that help connect them with other sources of finance.
The scheme was originally launched in November 2016 and has helped push through around 5,400 business deals. These deals were worth around £128 million, and the average loan amounted to £24,000.
Critics of the scheme have said that it has ‘limited impact’ and that its success rate is ‘shockingly low’.
Commenting on the matter, the Treasury stated that the bank referral scheme has ‘generally met its objectives’ and helped to raise awareness of alternative finance options for small firms.
14/11/2024
View all >
11/05/2026
HMRC reminds parents to extend Child Benefit claims
HMRC is reminding parents of 16-19-year-olds to extend their Child Benefit claim if their teenager is staying in certain types of education or training after their GCSEs or National 5s.
READ MORE
Small firms pushed out of EU markets by red tape and rising costs
Red tape, rising costs, and complex rules are pushing small firms out of EU markets, new research by the Federation of Small Businesses (FSB) has warned.
‘Disproportionate tax burden’ closing two pubs a day
A total of 161 pubs closed across Britain in the first three months of 2026, an equivalent of almost two a day, according to figures from the British Beer and Pub Association (BBPA).
Sign up to keep in touch to receive our latest news and industry updates.
CharitiesDentistsDoctorsTax
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.