Turned Down by the Bank / Guides / The Bank Referral Scheme explained
Guide · reviewed 11 November 2026
The Bank Referral Scheme explained
Answer in brief
Under the Bank Referral Scheme, the UK's largest banks must offer to refer small businesses they turn down for finance to designated finance platforms. With your permission, the platform shares your details with lenders that may be able to help. It's free to use.
How it works
- The bank declines your application.
- It offers to refer you.
- You agree.
- A designated platform contacts you and shares your details with suitable lenders.
Is it worth it?
Yes. It costs nothing, and you can still apply elsewhere at the same time.
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