5 Key Facts businesses need to know about Open Banking

open banking affects small business

Open Banking is here and is about to transform competition in the banking and funding arenas.

Since 13 January 2018 nine of the largest banks in the UK are governed by the new regulations introduced by the Competition and Markets Authority (CMA).

But what exactly is Open Banking, and how does it affect businesses across the UK? Here are five key facts you need to know about Open Banking: (more…)

Concise guide to choosing a business bank account

One of the first things you will do when you set up a new business is to open a business bank account.

The easy thing to do is to use your personal bankers to act for your new business, but this isn’t necessarily the wisest move as there are significant differences between the services you will receive from the various high street banks.

Here’s some sound advice, together with some practical tips to help you get the most out of your bank, and choose the best business current account for your start-up, or small business. (more…)

How to Maximise your Chances of Securing a Small Business Loan

One of the biggest challenges start-ups and fledgling businesses face is securing the funding they need to realise their potential.

A majority of business owners feel that finding finance is difficult in the current climate, and in particular, that banks are reluctant to provide business loans at competitive rates.

So to help you maximise your chances of getting that all-important business loan, we asked Rishi Khosla, the CEO and co-founder of OakNorth Bank – a bank that specialises in lending to entrepreneurs and growth businesses – to share his valuable insight and personal experiences with ByteStart readers;
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How to switch business banking providers

Most individuals use the same bank for decades, if not for their lifetime. Many small businesses are the same, and stick with their high street bank even if they are missing out on far higher interest rates and lower bank charges which are available elsewhere.
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