HOW CAN I GET FINANCE?
Dear Biz, I'm trying to get a new retail business off the ground but I'm struggling to get the financial help I need.
I've approached my bank but they won't give me a loan or an overdraft facility. Should I just give up now? Peter, by email Biz replies: Don't give up if you think you have a great idea and can make it work. Huge numbers of applications for loans and overdrafts from small businesses are turned down by the big banks. But, there are now lots of alternative lenders who are keen to offer loans to people like you. These include FundingCircle, Funding Tree and Fleximize.
Before you go looking for another lender, you might need to address the reason your bank turned you down in the first place. Check to see if there is anything you need to tweak in your business plan before you apply again.