Bank Referral Scheme: July 2026
The Bank Referral Scheme statistics from 1 November 2016 to 31 March 2026.
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The government’s Bank Referral Scheme is designed to help improve SME access to finance and competition in the SME lending market.
Launched in November 2016, the Scheme requires 9 of the UK’s biggest banks to pass on the details of small businesses they have turned down for finance to three Government designated finance platforms: Alternative Business Funding, Funding Options and Funding Xchange. These platforms are, in turn, required to share their details, in anonymous form, with alternative finance providers, helping to facilitate a conversation between the business and any provider who expresses an interest in supplying finance to them. SME customer data is only shared with the consent of that customer.
In October 2025, the government published a consultation and call for evidence on the Bank Referral Scheme, inviting views on a range of proposals and evidence questions aimed at enhancing the Scheme. This included seeking views on the ongoing collection and publication of Scheme performance data, alongside wider questions about how the Scheme could better support SME access to finance. Following the conclusion of the consultation and call for evidence, the government published its response in May 2026. Both the consultation and the government’s response can be found at the link below:
In its response, the government called on the private sector to come together and develop a single set of industry-led proposals to improve referrals and support better outcomes for SMEs, to be submitted to HM Treasury by 18 December 2026. In particular, the government has asked the sector to consider how to improve the volume and quality of referrals, improve SME awareness and the information provided at the point of application, and increase transparency on Scheme performance, including through usable and publishable data on credit applications, referrals and outcomes.
Following this, the government will examine submitted proposals carefully and consider what further action is needed by government (if any), before proceeding with further changes pertaining to bank referrals policy. Decisions regarding the future collection and publication of official Scheme statistics also remain subject to the outcome of that work.