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Data Sharing

Data sharing opens window of financing

The UK launch of a new credit data sharing scheme will make it easier in time for alternative lenders to pitch their services to new and growing companies.

A rejection letter from the bank is no longer the end of the line for NGCs.

One lender's trash is another lender's treasure. Alternative finance providers have put pressure on the government for years to force banks to share information on the customers they reject for financing. The UK government listened, and pushed through the new Small and Medium Sized Business (Credit Information) Regulations 2015, which came into force in April.

High street banks such as Santander, Barclays and RBS will share credit information they hold on small and medium enterprises with three credit reference agencies - Experian, Equifax and Creditsafe - which will share the data with all finance providers.

One such finance provider that welcomes the moves is The JLG Group, a platform that reviews first-stage loan applications in under ten minutes. This gives businesses the chance to secure financing quickly, such as an overdraft, property financing or commercial funding. Its target market is younger companies who may find it difficult to raise funding, and it receives customer referrals from banks, says chief executive John Davies.

"We see a lot of upside with the new scheme. It will allow us to see more information that helps us lend to more businesses."

Innovation & clever use of #FinTech can transform how SMEs receive & use much needed finance https://t.co/BChGLo8OKk pic.twitter.com/v0ORR4xW92

— The JLG Group (@jlggroup) April 19, 2016

However, it will take time to implement and banks must be careful when sharing sensitive customer data, warns Davies.

"It's quite early days yet and of course there will be people quick off the mark to adopt but [it will] take some time before it becomes fully functional. The provider of data has to [also] make sure data ends up in the right hands."

Farah Khalique is a freelance business and financial journalist, with a keen interest in writing about non-bank financing solutions that can help SMEs grow their business. She has written extensively about banking scandals and has made TV appearances on Sky News and The Wall Street Journal Live to comment on topical issues including money laundering and bankers’ bonuses.

You can read the orginal article on Workspace

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Date Issued May 2016.

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The Group entered the alternative finance sector with the aim of providing a real alternative to Business Banking and has built a robust, scalable, Anti Money Laundering (AML) compliant process for on boarding Corporate Borrowers in the UK and eventually Europe.

JLG Group PLC is the first alternative commercial lender to become an Associate Member of the British Bankers' Association.

We are a benefactor of 'Project Rome', the campaign from the Emerging Payments Association (EPA) lobbying for fairer access to payments infrastructure through FinTech providers.

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JLG Group PLC has been certified by BSI to ISO 9001:2015 and 22301:2012 under certificate numbers FS 668057, BCMS 668054.

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And one of the seven founder members of the AABF

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