New government backed funding options for small businesses

A new scheme will help small British businesses get access to funding after they have had a loan application refused by a major bank.

Launched earlier this month, the government backed scheme will boost the supply of finance for small businesses by giving them access to new and innovative funding options like those provided by financial technology start-ups.
Bank lending to small businesses has declined in almost every year since the financial crisis. Major high street banks refused around £4bn worth of formal loan applications last year.