Raising finance

[carolb]

yes - they're everywhere

[louise]

I see the spammers have been added

well done Peter

Lou

[inbakumar]

The Small Firms Loan Guarantee Scheme is not easy as one thinks. I know many clients who have tried this route and failed. The bankers don't like it very much despite 75% being guaranteed by the Government.

Producing everything a bank asks for is not the answer either as I know of a client who has done everything the bank has asked for but still got a rejection after transferring the account to them on the basis that the loan would be granted. He is now planning to sue the bank!

The best course of action therefore is to find out from friends and family about the branch they have successfully obtained the SFLG loan from and go to the same branch. This way one can eliminate the bankers who are not fond of SFLG.

Sorry for the negative message but avoiding unnecessary rejections against your company's credit file will help you in getting the funding you need in the future.

Joel

[peterjhale]

Good point.

You definately need to speak with your bank first before jumping through all the hoops

[theplanner]

Inbakumar

We do need to realistic. Banks aren't just going to lend money because the sun is shining.

It a) depends on the person behind the desk b) how good your business plan is c) does your plan "fit" with what the bank is expecting

[peterjhale]

also have a look at

www.teneric.co.uk/raising-finance.html

[theplanner]

That's a good article.

Banks ARE run by humans although they have their rules.

You need to understand WHY they don't like your idea/ business - just keep plugging away