Strategic partner urges Chamber members to build finance broker relationships

The Bank Referral Scheme was launched by the government in 2016 and was intended to make it easier for SMEs to access alternative finance, should they be declined by their bank when applying for financial support.

As of the end of Q3 2024, the scheme had facilitated 5,387 deals totalling £128 million in finance for SMEs. However, many business owners either do not know about the scheme or apply and are declined due to not addressing avoidable credit profile issues.

Strategic Partner, Bathgate Business Finance, is urging Chamber members to ensure they can access all finance options available to them by building relationships with a trusted broker.

Chris McLoughlin, BDM at Bathgate Business Finance, said: “Half of businesses

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declined by alternative lenders after referral through this scheme were declined due to issues that could be easily resolved with the right guidance and advice, including late filings, missed payments, or overuse of overdrafts to secure funding.

“But too many businesses are not seeking this advice and consequently not securing finance that they should be eligible for. Brokers like Bathgate exist to bridge the gap between SMEs and alternative finance, where the need might not be met by your traditional

n Chris McLoughlin, Business Development Manager at Bathgate Business Finance

lender, or even just to help you work more effectively with your bank.

“We can look at your business and finances, identify potential issues and help you to put a strategy in place, including working with your solicitor, accountant or other professionals, to resolve them before making any application. This not only decreases the risk of being declined, but it also provides both an immediate finance solution and funding to meet future plans.”

To discuss your business finance needs, please contact Chris McLoughlin at Bathgate Business Finance on 07990012266 or chris@bathgatebf.co.uk