Have you considered the different ways to access finance for your business?
Whilst we are now seeing the banks loosening the purse strings a little, there are still many other ways in which businesses can access finance without having to approach the bank at all. There has been a growth in wealthy individual investor clubs as well as a growth in the non-traditional banking sector, such as Handlesbanken or private finance, such as Bibby and Close Brothers.
Releasing capital tied up in stock, equipment, debt or property is also a good method. These methods are good alternatives to traditional lending, however, still require as good planning and diligence as any bank lending would.
Up-to-date financial accounts, quality management accounts and a credible business plan are a must. Businesses still need to have these in place to release funds from their own assets. Good advice will also go a long way, and some guidance through the process can be invaluable. Always enlist professional services for this where possible.