How do I access finance for the business

I can’t get any sense from my Bank! An all too frequent phrase I hear these days which you would have rarely heard a decade ago. Getting the Bank to say “yes” has become more challenging for many businesses since the “financial crash” in 2008, writes Mark Lord, business consultant with Berrys.
So what can you do to successfully obtain finance?
Provide the lender with –

• The last three years’ accounts – ideally the latest year end should be no more than six months ago
• A Business Plan with full detail of the proposal, an analysis of past performance and financial forecasts to show how the money you are looking to borrow benefits the business. Show in the plan that you can comfortably repay what you are asking for and include some sensitivity around margins and interest costs
• A full breakdown of the cost of any project and build in a contingency at the outset – it is easier to pay some back than seek forgiveness!

Mark Lord is a Business Consultant with Berrys and has 36 years’ banking experience. He can be contacted on 01743 290634 or email mark.lord@berrys.uk.com