The state of play regarding business lending heading into the second half of 2020
This article would have looked vastly different if I had penned it at the start of 2020!
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Author: James Blacklaws
In a time of recession, should my business be looking to borrow money?
In times of uncertainty, it’s natural and understandable for a business owner be cautious and think twice before taking on any new financial liabilities. While this is often the best strategy, many businesses thrive during economic downturns, and it can be a great opportunity to grow while others are retreating to safety.
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Never assume when it comes to commercial finance
This article is a starting point to help dispel some commonly held myths relating to business lending most of which come from ‘Dave’ down the pub who knew someone who knew someone!
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For my business to raise finance, who do I need to know?
While an arrangement to borrow money for a business is between a client and the lender, there are numerous other individuals involved to help the process with many needed before the application is even considered.
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Personal guarantees – be wary!
It has been a standard requirement for a majority of limited company lending that a personal guarantee from at least one director is in place to support the debt, regardless of the quality of the business and the size of the lending facility.
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The impact of Government COVID measures on business finance
The significant drop in turnover and profitability felt by many businesses during lockdown is having a significant impact on their ability to be accepted for finance.
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How do I get my business credit worthy?
This article is designed to help a small business with ensuring their business is in the best possible position when applying for finance, whether it is a small loan for an asset or a larger loan for a property.
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So, why should I purchase my own commercial premises?
A vast majority of business owners either trade from home or, if they do require offices or a factory, either prefer to rent their premises on commercial terms or don’t understand the benefits of property ownership.
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My bank won’t finance my business – now what?
This would be a useful guide to read even before approaching your own bank for a request as they are not always the best option for you.
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The impact the Government loan schemes will have on business finance
There is little doubt that the Government loan schemes have been the dominant force in commercial lending since their introduction in March 2020.
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