Better Business Finance scheme gives small and medium-sized businesses a boost when it comes to applying for loan financing.
With the support of five of the UK's largest banks (Santander, the Royal Bank of Scotland, Barclays, HSBC and Lloyds Banking Group) the campaign has so far delivered a range of initiatives to help businesses understand their finance options and borrowing process, as well as challenge bank's lending decisions.
First of the initiatives to launch, Betterbusinessfinance.co.uk is a dedicated 'one-stop-shop' website with detailed information on bank finance and lending. It includes details of the campaign and a series of useful resources and factsheets to support start-up or growing businesses.
Banks participating in the campaign have agreed on two sets of standards which outline what their customers should expect when applying for a loan. The Lending Code applies to personal and small business customers, whilst the Lending Principles have been created for larger businesses.
A network of business mentors has been established across the UK to support and guide the growth of smaller businesses. Businesses can find mentors on the scheme's online portal – mentorsme.co.uk.