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. (more…)
Like many people, you may have always dreamed of starting your own business. Being your own boss, making your own hours and realising your own vision are all common reasons people decide to start a business in the first place.
A lack of funds can hold you back from taking the plunge, but now more than ever, a variety of options exist to help fund your vision and turn it into a reality. (more…)
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…)
There are lots of things to think about if you’re considering taking out a business loan. The UK’s business lending market includes a wide range of providers offering subtly different types of business loans.
Some are aimed at a particular type of business, or companies of a certain size or those operating in a specific sector. With a wide range of business loans available it’s important to understand the different options you have when it comes to borrowing money to fund your business.
Here are some of the key considerations you need to bear in mind when sourcing a business loan for your business. (more…)
Since the recession of 2008/2009, there has been a significant reduction in the ability of banks to lend to British SMEs.
Whilst mainstream finance is still great for some businesses, many banks now have lending criteria that small businesses are unable to fulfill.
Fortunately, ‘alternative finance’ can offer a viable substitute for entrepreneurs looking for innovative and flexible ways to fund their business growth.
But before blindly assuming alternative finance is the answer to all your financial woes, there are six things you need to understand before you approach an alternative finance provider looking for funding. (more…)
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;