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Wednesday
Nov112009

Free guide helps small businesses get bank borrowing

A guide to getting your bank manager to say ‘yes’ to requests for small business funding is available free from the Forum of Private Business.

The guide is in response to 80% of FPB members reporting terms and conditions of bank lending have worsened over the year plus Lord Alan Sugar’s temperamental outburst last week that he would not lend a penny to most small firms because they are moaners and do not have viable business ideas. The FPB takes the opposite view to Government enterprise czar and star of TV’s The Apprentice Lord Sugar and believes thousands of viable small businesses are being denied bank funding.

The new guide - Get your bank manager to say ‘YES'! - is intended to help small businesses gain the best possible chance of securing a loan.

Outlining seven golden rules for securing a bank loan, the guide is co-written by three expert figures – one a former bank manager who has dished the dirt on how banks consider lending to businesses from behind a cloak of anonymity.

Electronic copies of Get your bank manager to say ‘YES'! are available free of charge to small businesses through the FPB's website (Link: http://www.fpb.org/page/698/Bank_manager_report.htm).

It is the first in a series of authoritative Business Builder guides that the FPB is producing in order to help smaller firms to prosper.

Other co-authors FPB chairman Noel Guilford and business consultant Olivia Stefanino said: "Despite repeated assurances to the contrary from the major lenders, accessing finance remains one of the major problems facing smaller businesses. 

"In the current climate, thousands of start-ups and small firms are finding it extremely difficult to persuade their bank managers that they are viable, responsible borrowers. The backlash created by Lord Sugar's remarks has highlighted the strength of feeling on the issue. 

"However in my experience, many smaller firms can greatly increase their chances of securing lending by implementing a few simple measures. This is something we hope to spread the word about through this free and concise guide." 

 



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