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What to do if the banks say no

Andrew Mackenzie, chief executive of One Stop Business Finance, saw former Head of the CBI, Lord Digby Jones’ interview on BBC Breakfast and was concerned by the advice being offered to business owners who have been turned down for funding by their banks.The interview suggested that the banks were the only option for SME funding with bank provided invoice financing being the only alternative mentioned.

Mackenzie said, “It is really important that businesses seek exactly the correct finance package for their individual circumstances from the full range and often complicated choice of finance products available on the market.

“One Stop Business Finance has built a network of preferred suppliers from across the more conventional forms of lending such as invoice discounting and fixed asset finance to more imaginative solutions provided by specialist second and third tier lenders.  Additionally the business has also done a number of the more creative deals from its own funds.

“If I had to offer three top tips to SMEs wanting to secure funding when they have been turned down by their bank they would be:

Be aware that there are a myriad of entirely responsible second and third tier lenders, who can offer you the funds you require to move your business forward. Do not give up because your bank said no.

Take professional advice to establish the best financial solution for your business. The cost of the advice is not expensive and will often be funded by the lender.

Invoice financing can be a good solution but it is sometimes an expensive one. Solutions have been delivered to clients by understanding their cash flow profiles, which have cost less than half of the invoice financing option.”

One Stop Business Finance Limited delivers cash flow solutions to SME clients through access to finance lines that their bank isn’t able to provide.


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