Establishing Finance Platforms to increase financing opportunities for smaller businesses
If a small business is rejected for finance by a bank, the bank is obliged to offer the business a referral to an online finance platform. These platforms will give alternative finance providers the opportunity to offer viable businesses the finance they need.
The current round of designation is now closed.
Download the Expression of Interest document for finance platforms
Pre-Submission Engagement
Respondents are invited to direct questions in advance of submitting a response. The questions (posted anonymously) and answers in relation to the policy, objectives or information schedules are available on this page to ensure that all respondents have access to the same information about the process.
Download the Q&A from the previous (2017) round
Download the Q&A from the 2015 and 2016 designation rounds
Sharing of SME data with Credit Reference Agencies
The control of credit information by existing providers is a barrier to entry in the market for lending to smaller businesses.
Opening up access to credit data held by the big banks will increase the reliability of credit scores, enabling alternative finance providers to make better-informed decisions about finance provision to smaller businesses.
The Government announced at the 2015 Autumn Statement that it planned to designate Experian, Equifax and Creditsafe under the Small and Medium Sized Business (Credit Information) Regulations 2015.
The current round of the designation process for Credit Reference Agencies is now closed.
Download the Call for Information document for credit reference agencies
Pre-Submission Engagement
When designation rounds are active, respondents are invited to direct questions in advance of submitting a response. Questions (posted anonymously) and answers in relation to the policy, objectives or information schedules are available to all respondents on this page to ensure that all respondents have access to the same information about the process.
Download the Q&A from the previous (2017) round
Download the Q&A from the 2015 and 2016 rounds