Professor Russel Griggs has been called on to investigate why the new scheme seems to be failing to take off.
The Treasury has yet to release the officials figures from the scheme and has not set targets.
However, The Times has reported that “there is disappointment among officials at the lack of activity”.
The scheme, which began in November 2016, was designed to widen SME access to finance and encourage them to look beyond traditional lenders.
Upon refusal of a loan, businesses must be referred to one of three finance platforms – Funding Options, Funding Xchange and Bizfitech - that will suggest routes to alternative finance.
The banks involved in the scheme include RBS, Lloyds, HSBC, Barclays, Santander, Clydesdale and Yorkshire Bank, Bank of Ireland, Danske Bank and First Trust Bank.
Griggs’ role is to assess, and suggest improvements to, the referral processes of each of the designated banks.
“We welcome the role Russel Griggs is playing in ensuring that the scheme is as effective as possible for small businesses,” a spokesperson from the Treasury said.
In February, professor Griggs was named as the independent reviewer in the case review launched by Lloyds in the wake of the HBoS We recommend you visit the following site for more complete information and related topics. Article source: http://economia.icaew.com/en/news/april-2017/questions-over-sme-finance-scheme
We recommend you visit the following site for more complete information and related topics. Article source: http://economia.icaew.com/en/news/april-2017/questions-over-sme-finance-scheme