Struggling with debt? Why you should talk to your lender
By preparing how you’ll approach your lender, you can improve your prospects for getting finance.
Before the pandemic, and the widespread help the Government offered businesses via mainstream lenders, there was a common misconception that lenders aren’t keen to lend to small businesses and will only too readily attach strict conditions to any finance they do provide.
Yet, contrary to popular belief, under normal circumstances, between 70% to 80% of requests for finance are granted.
In this article, we’ll explain what you should focus on as you prepare to put your case for finance to your prospective lender.
The list isn’t exhaustive but covers many areas that will strengthen any request for finance.
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Reference to any organisation, business and event on this page does not constitute an endorsement or recommendation from the British Business Bank or the UK Government. Whilst we make reasonable efforts to keep the information on this page up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.
Securing funds and controlling debt
Funding can be critical to keeping a business afloat and positioning it for long-term success, especially in uncertain financial times.
But, knowing the right place to turn to for guidance can be a challenge.
With tips on everything from debt and equity financing to accessing Community Development Finance Institutions, our Guide to Building Business Resilience could help your business prepare for the future.