4. Having an ongoing relationship with a bank manager that understands your business means you’re already past the first hurdle when asking for funding. If your bank no longer allocates a specific relationship manager to look after your account then you should seriously consider moving to one that does if you plan to ask for finance in the foreseeable future.
5. Asking for the appropriate type and amount of funding is also crucial as you do not want to have to start the process again a few months down the line. Again, having detailed financial cash forecasts should help with this, as will obtaining advice from your financial advisers.
6. Obtaining grant funding will reduce the amount of borrowing needed, although grants are few and far between these days. The Regional Growth Fund may be an option for larger projects locally whilst most of the smaller grants tend to be focussed around creating employment for apprentices or unemployed people.
7. Finally, always ensure funding applications are made well before the cash is needed. If you leave it too late then at best you may miss the boat, at worst your business could run out of cash. Any potential funder will be suspicious of a business owner that leaves a request for funding until the last minute.