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UK scheme to promote alternative lenders to be running by 2016

(Reuters) – A British government scheme requiring banks to refer small firms rejected for loans to alternative finance providers should be up and running by next year, the managing director of the British Business Bank said.

The scheme is part of government plans to encourage lending to small businesses and fill a hole left by Britain’s biggest banks scaling back lending to bolster capital and meet tougher regulatory rules following the financial crisis of 2007-9.

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