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business bank loan

When you are starting out in business, you need to quickly grasp that the three key factors that determine a company’s financial success, or failure, are:

  1. Sales
  2. Control of costs
  3. Cash management

Two out of three simply won’t work – you need to have complete control over these three crucial aspects, otherwise your chances of succeeding in business will be very limited. Continue…

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Borrowing money from a bank to finance your business is a lot harder than getting a loan to buy a new car or to improve your home.

Banks have a number of tough rules that you need to know before you approach them for a business loan, and these rules have become even more stringent as a result of the credit crunch.
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Building a successful new business is a roller-coaster. There will be days you know you couldn’t do anything else, and days you wish you did. Sometimes you’ll be on top of the world, but at other times it will be a struggle to drag yourself out of bed.

In the high-stakes world of starting a new business, only one thing is certain: everyone will make mistakes, but only those who learn from them will succeed.

So, to help you learn from these common errors, without making them yourself, here are 8 mistakes that startups frequently make;
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Many small business owners don’t know about the Bank Referral Scheme, but it represents a significant milestone for business funding in the UK.

But what exactly is The Bank Referral Scheme, how does it work, and how will it help businesses? We asked Conrad Ford, Chief Executive of Funding Options, to explain; Continue…

Everybody understands that starting up a business from scratch is not a simple process or an easy challenge to take on.

Regardless of how lofty your ambitions are or whether you’re aiming to establish yourself as a sole trader or as a the boss of a burgeoning new enterprise, finding access to initial and early-stage sources of finance is a vitally important step along the way towards sustainability and success.

Here’s a look at some of the most commonplace and most viable routes to finance currently available to startup businesses and the entrepreneurs behind them.

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When the bank won't fund your businessPROMOTED GUIDE – This is a promoted guide from Funding Xchange – the business funding marketplace where lenders compete to fund your business. Get Funding Now

 

If you have approached your bank and found it difficult to secure the funds your business requires, you’re in good company. Banks are declining up to 50% of loan requests from some smaller businesses.

Banks’ lending decisions have very little to do with you or the prospects of your business. And their outdated processes and high costs of capital make it difficult for them to lend to smaller businesses.

Business owners are also being frustrated by the inability of banks to provide flexible forms of credit to businesses. This is highlighted by the fact that the availability of business overdrafts, long a favorite tool for businesses to smooth cash flow, has shrunk by more than 30%.

So where else can you get funding for your business?

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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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If you need more finance to grow your business, there are a number of options which you might wish to consider. You could turn to your own personal savings, ask family members for help, get a bank loan, issue shares, or speak to some business angels or venture capitalists.

Or you could consider peer-to-peer (P2P) lending.

P2P lending is fast becoming the norm for businesses needing finance to get an idea off the ground or raise the capital necessary to expand and take projects to the next level.

But whilst it’s become a more common financial avenue for SMEs to pursue, it’s still not as well-known as it could be. According to a 2014 Nesta Report, only 44% of UK small businesses have heard of P2P lending.

So what exactly is peer-to-peer lending and how can small and growing businesses use it to finance growth?
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The availability of bank loans for businesses is a hot topic at all stages of the economic cycle. During downturns, lending can become tightened, while boom times see some businesses take on huge debts in their quest for rapid growth.
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