Need Finance For Expansion Plans?

Recent  figures released by the British Bankers’ Association (BBA) show that lending to small businesses is in decline.

The banking trade association’s figures indicate that new loans to small firms increased by £75 million between May and June 2010, but year-on-year term lending has decreased by £269 million. Average monthly loans have declined by almost half since 2008, when banks lent an average of £991 million to small firms. In 2010, the average monthly loan rate is £564 million.

In addition, overall lending has decreased significantly in 2010 despite small businesses increasing deposits into banks by £2.5 billion over the past four months, according to the BBA.

Our experience shows that if a firm has a well prepared business plan with credible forecasts and there is a system to regularly review progress then banks are more likely to look at the proposals seriously. In addition there alternative sources of finance available. Please talk to us if  this is an area you need to discuss.