Applying for business finance can feel daunting for SME owners. With businesses to run and limited resources, many could be worried that applying for finance will eat up time they simply don’t have.
The UK’s five largest high street banks offer their insight to help you ensure your application for credit stands the greatest chance for success.
If you have been turned down for a bank loan, you can appeal that decision through the independent Appeals Process. Professor Russel Griggs is the Independent External Reviewer tasked with overseeing ways in which the process can be improved and ensure greater transparency between the bank and you, the business.
Professor Russel Griggs, Independent External Reviewer of the Appeals Process. In my role as Independent External Reviewer of the Appeals Process, I am often asked whether I think the appeals scheme is really improving how small businesses access the right finance.
When you apply for a loan, your bank will ask you for a variety of details. Most banks usually provide a detailed guide to help you through your application, but this checklist provides a good starting point for your preparations.
A business plan describes where your business is now, your aims for the future, and how you expect to achieve them. In addition to obtaining finance, a good business plan can also help you to remain clear about your strengths, weaknesses, targets and performance.
If you are starting a business and looking for finance, make sure you’re prepared to answer the bank's questions and can back up your answers with research as much as possible.
Britain’s largest banks have joined forces to support a network of business mentors across Britain. Mentorsme.co.uk is the UK's first specialist online portal for businesses looking for mentoring services.
When you apply for credit or finance, the bank will want to build a picture of your past and current circumstances to help them make their decision. Credit Scoring plays a big part in the process.
I have had a lending application declined, can I appeal?