Funding Options and Finpoint, both GLI Finance portfolio companies, have been shortlisted for the British Business Bank referral program. Established under the Small Business Enterprise and Employment Act, the program requires traditional banks to refer any SME whose loan has been rejected to an alternative lending platform. The policy was created in recognition of the importance of small business to the economy and the ongoing challenges for these businesses to access capital from high street banks. GLI Finance believes, “the scheme is set to reshape the credit ecosystem for UK SMEs and in doing so raise awareness of the huge range of non-bank financial solutions available to them to support growth”.
“Both Funding Options and Finpoint have successfully positioned themselves at the forefront of the sector’s evolution and will play a key role in developing an SME credit ecosystem that’s fit for purpose,” said Geoff Miller GLI CEO. ” It’s testament to GLI Finance’s ability to identify the strategic drivers of the alternative finance industry and support platforms that have the power to provide innovative solutions to structural problems whilst delivering strong returns to their shareholders.”
GLI Finance recently announced its platforms had originated over £444 million in loans in aggregate. For the 12 months ending in June, GLI’s total loan originations grew 120% to £227 million for the year.
Louise Beaumont, GLI’s head of Public Affairs, described the announcement regarding inclusion in the referral program as “the reward for the blood, sweat and tears that have gone into creating market leading platforms”.
“Creating a level playing field for finance providers both mainstream and alternative, and helping educate business owners about the full range of financial solutions available to them in their quest for growth is critical for the good health of the UK’s economy,” said Beaumont.
Funding Options is an online service that acts as a “business finance matchmaker”, working with providers across the alternative lending spectrum. Finpoint is another service that connects SMEs with a network of over 60 banks and direct lenders.
