LOAN BEHOLD YOUR MONEY
0 Comments | Daily Mirror, The; London (UK), Jul 28, 2010 | by Tricia Phillips
GETTING finance for your business can be one of the most difficult parts of setting up and running a small business. The Labour Government launched the Enterprise Finance Guarantee scheme in 2009 to help small businesses obtain a loan when they don’t have security to offer, such as a house or other assets. It provides loans from pounds 1,000 up to pounds 1million.
The good news is that a further pounds 200m has been put into the scheme by the current Government.
But it has been criticised for being too hard to obtain.
Bobby Lane, small business expert at Shelley Stock Hutter says: “Many small businesses are their own worst enemy and are failing at the first hurdle by not having the right information in place, such as business plans, projections and management accounts.
“We recently helped to secure a pounds 1m EFG loan for an IT business that was looking to expand. For the right business with the right plans, I believe the scheme is a good option.”
BOBBY’S TIPS
You’ve got to be prepared as you only have one shot to impress the bank.
It’s important to have all the information that they will require immediately available. That information should include:
1 A clear, well-researched business plan that shows why the loan is needed and how it will be used.
2 Three year projections for the business of profit/loss, assets & liabilities and cash requirements
business loans