On 7 July 2022, there was published a European Commission staff working document (dated 28 June 2022) being a report on an EU SME referral scheme. The report was previously announced under the Capital Markets Union Action Plan and analyses the merits and feasibility of setting up a referral scheme to require banks (and other providers of funding) to direct small and medium enterprises (SMEs) to alternative providers of funding, in case they turn down their funding application. The aim of such a scheme would be to facilitate SMEs’ access to a wider set of funding options.