For the purpose of these Regulations, businesses are those: |
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1. with turnover of up to £25m |
2. with an address in the United Kingdom |
3. which carry out commercial activities as their principal activity |
4. which are not part of a group which as a whole has an annual turnover which is equal to or greater than £25 |
Application for the following products are within the scope of the Regulations: |
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a. Overdrafts |
b. Loans |
c. Invoice Finance |
d. Asset Finance (excluding operating leases) |
e. Credit cards |
You can find out more information about finance products and options with the British Business Bank and ICAEW’s Business Finance Guide.
Exclusions:
A Designated Bank will not offer a referral if any of the following apply.
- the value of the finance facility applied for is less than £1,000
- the facility applied for is sought for a period of less than 30 days
- the bank is aware that the business is subject to a statutory demand for payment, enforcement proceedings or other legal proceedings in relation to payment obligations arising under an existing finance facility
- the bank is aware that the business is subject to a formal demand
- you have declined the bank’s offer of credit solely due to price considerations.