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When the Bank says ‘No’ - funding your small business

Posted 10 Jul 16

Starting your own company might require financial investment not all of the young business owners can afford. Most of them approach bank as their first solution to funding their companies, however, often they are met with rejection.

This is due to difficult economic situation in the world right now which makes banks anxious to take any risks. In the long run, it blocks the development of a large number of potentially successful businesses. The statistics show that the smaller the business the less likely it is to get a bank loan and currently banks are declining up to 50% of loan requests.

Unfortunately, banks hardly rely on the prospects of your business when making the decision. Their processes are often outdated and come with high costs of capital, which makes it difficult for them to lend to businesses whose future is unsure.

The good news is that there are other lenders you can approach when seeking funding for your business, even if you have been told ‘no’ by your bank. There are also public schemes that provide support and funding to businesses. The best way to find those is by signing up to HMRC and government newsletters, participate in events organised by your trade representatives and discuss your options with people more experienced in the business area of your interest.

It often happens though that as a business owner you will have little time to research these funding options yourselves. Fortunately, at Tawanda Accountants we offer a perfect solution for you. Whether you are looking for start-up money or funding for new equipment, vehicle or office machinery, we are here to help you.

At Tawanda Accountants we employ highly experienced advisors who specialise in finding fast loans from leading financial institutions that best suit your own business needs. The process is quick and simple and doesn’t require you to provide us with a business plan nor do we ask for forecast or the completion of lengthy and complex business loan applications.

We understand that every company works differently and our aim is to find an innovative loan provider who will fulfil your business expectations. We connect out clients to financiers who have developed business lending opportunities with highly competitive rates which can be used for a multitude of reasons (excluding property development).

As a company owner you will have complete control when choosing the right lender for you. Before you make any decision, you will be able to discuss is with one of our professional and experience financial advisors. As a business owner you can find lenders of fixed rates from 6.4% APR and monthly repayment loans spanning 1,3 or 5 years.

If you are looking for a stressless, simple and quick business loan without the hustle of business plans, forecasts or lengthy applications, contact us today at Tawanda Accountants.