founder of naked leader
IT isn’t just phones that are smart these days. Businesses are becoming streetwise and ‘bank savvy’ in their efforts to access finance to better their fortunes. And it isn’t just a need for survival that firms are looking to borrow funds from financial institutions.
According to figures, there is a clear trend towards companies wanting to build new premises and grow their business – and banks are welcoming viable propositions.
A more positive feeling among banks, despite the figures being lower than the Government would like, means many owners are looking at their existing customer base and working out how they can grow. Either through building on established relationships and offering more, or entering new markets.
So the message is clear. If you have a clear strategy and have done your research, you may well find your bank willing to say ‘yes’. Why not make it happen for you?
Most banks want to say no at the moment where businesses are concerned.
There are alternatives though and it is worth shopping around.
Lots of finance houses are taking on small businesses but the banks don’t seem to want to know.
Lease finance is an option or perhaps a member of the family is an idea for some.
I borrowed off a family member and have not spoken to them since.
It can be a dangerous thing to do.
If you owe money, and then fall into difficulties, like I did, there can be problems late on.
And mine I am yet to resolve.
Borrowing off family members is fraught with danger.
However, if there is no alternative and the offer is there….
Don’t do it! It is a recipe for disaster!
The business start up show is June 6th 7th, we do not have stand this year but its a great place to go for advice for financing and there are loads of free workshops to attend and discussion groups.
We recommend The Business start up show