Katrin Herrling, CEO of Funding Xchange, emphasized that 94% of referred businesses lack a finance-worthy profile, often due to limited trading histories or poor credit.
James Robson, CEO of FundOnion, criticized the government's slow acknowledgment of the scheme's minimal impact, describing the funding secured as 'shockingly low' amid a £22 billion gap.
The Treasury noted that the referral scheme had 'generally met its objectives' by raising awareness of financing options, despite disappointing outcomes.
Ian Cass, managing director of the Forum of Private Business, highlighted the need for better feedback mechanisms, which leave businesses confused about loan application rejections.
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