Getting a Small Business Loan
With continuing talk of the UK and global economies facing challenging times into the foreseeable future many entrepreneurs are concerned as to how much support they can expect from their banks. There are numerous stories of business owners suddenly finding their bank facilities taken away, previously friendly bank managers turning into the latest enemy, or being dealt a blow with a dramatic increase in fees or interest rates. Whereas previously loans were being granted in a reasonable time frame it's not unheard of to be faced with a discussion with banks that can go on for months. But don't despair! It seems that banks are slowly dipping a toe back into the market, but bank attitudes have shifted - there is much more focus on serviceability... 'demonstrate to me that you can repay your loan even if times get tough for you.' Despite a tougher regime there are still some actions you can take to get the bank on your side. Review What Your Business is About All the b...