Getting Finance For Your Business? Where Do You Start?
Getting finance the easiest way possible:
Most of the businesses we work with regularly bring up how difficult it can be to either get finance, or the volume of information they are required to provide in order to receive the finance. Along with that comes the difficulty of a banking industry that has struggled to build and keep good relationships with its customers.
MB+M recognised the difficulty of this situation and has a partnership with Nexus Partners, a finance referral system that also works alongside a finance broker business. The aim of the model is to help you work with your existing lender to get the best deal and to make the relationship work for the customer. Also, when things might not be working to source a funder that best suits your business.
A key part of finding finance is providing all of the necessary information upfront, and we’ve been glad to receive great compliments from the banks we work with on the level of information we’ve been able to provide. This has made the bank’s job easier of assessing if the loan is viable, and therefore making the approval process much smoother.
We encourage all of our clients when seeing the bank about finance to have done their homework before arriving. A great starting point is to have done a three way forecast, which basically means a profit and loss, balance sheet and cash forecast. Understanding the drivers of the business and how these would impact those forecasts is the other underlying element that is important.
Below is a link to a website that gives some great information on how small business can go about getting finance. If you’re in this space it is well worth a read. As always MB+M are here to help make the process easier, so if you’re in this space and just would like someone to look over what you’re going to submit, or to do the process for you please contact your adviser who is keen to help. We can also discuss whether accessing a business finance broker might be the best choice for you.