It can be frustrating when you are in desperate need of finance to expand your business and you get a resounding ‘no’ from your bank.

Why have they refused?

Very often it’s a reason which, if you had known about at the start of the process, you could easily have addressed.

The old saying ‘forewarned is forearmed’ is very apt in this case.

In this podcast BLS’s Rob Warlow talks about the 7 reasons why a bank would say ‘no’. Take notes and get yourself prepared for the next encounter with your bank!

We open the latest edition of the Business Finance Bulletin with a look at two surveys from the Federation of Small Businesses and Barclays Bank. The question asked of small businesses is how Brexit will impact those trading overseas and whether confidence has taken a knock. What are our SMEs thinking?

We take our regular look at how the alternative finance sector is performing following the release of the last quarter 2016 statistics by the Peer to Peer Finance Association. Lending to both businesses and individuals continues to remain strong.

Scale-ups appears to the latest ‘new thing’ with the news that the government has appointed a Scale-Up Champion. What is the government looking to achieve?

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

According to the Centre for Entrepreneurs new company formations are at an all-time high. In this episode of the Business Finance Bulletin we look at the numbers and where the entrepreneurial hotspots are.

Metro Bank, one of the so-called challenger banks, has committed to helping more small businesses in 2017 with funds to support growth. How could they help you?

Cashflow problems can hit a business at any time but quarter end and quiet seasonal periods can be particularly tough. We take a look at how short term loans can provide much needed cashflow relief.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

In the latest Business Finance Bulletin we start by looking at news from Funding Circle of £40m from the British Business Bank to invest in business loans alongside private investors. In addition to this there’s news of £82 million raised to support Funding Circle’s growth plans.

How hungry are small businesses to borrow money in 2017? That’s a question posed by Zurich in their latest SME Risk Index survey. Are businesses looking to borrow more or less than in 2016?

To close, we take a look at separate findings from the Federation of Small Businesses and Smith and Williamson on how confident small business owners are entering 2017. It’s clear that many are choosing to ignore any gloomy economic messages.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

We start this latest Business Finance Bulletin by reviewing the launch of a new mobile banking service from Barclays which will allow its small business clients to apply for finance and, if accepted, receive funds within one hour.

We take our regular look at what the High Street banks are doing in terms of money lent out to business according to the latest statistics released by the Bank of England.

Family and friends are a popular source of finance amongst business owners mainly because of the ease with which funds can be accessed. However, new research has revealed how failure to pay back can cause relationships to breakdown. But to save the day we have details of a new Peer to Peer platform which can step in to ease the tension.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

In this Bulletin, we kick off with our monthly round-up of how lenders are supporting businesses in terms of accessing finance. We look at the latest figures from the Asset Based Finance Association which reveal record business being written by the asset finance sector and levels of support given by the traditional High Street banks.

We review research from Aldermore Bank which shows that business confidence continues to define expectations with SMEs positively looking forward to 2017. How are they planning to expand?

The government is finally beginning to share the rules and regulations they plan to implement in 2017 to curb the late payment epidemic. We look at the steps they will be taking with effect from 1st April 2017 and no doubt large businesses will be concerned about another set of bureaucratic rules to follow!

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

Due to illness, BLS’s Rob Warlow has been unable to prepare his weekly video Bulletin, so this week, a text-only version.

A Triple Whammy Cashflow Crunch

Whilst this time of year is the season of joyful celebration, for some business owners it can be a stressful time when it comes to juggling and managing cashflow.

As we approach the year-end there are businesses which can face a triple whammy hit to their cashflow. Each of these reasons is bad enough but combined, they can cause chaos to your cash position.

• If March is your Financial Year-End, then your Corporation Tax will be due by the end of December
• This quarter could coincide with your VAT payment period
• And if that’s not enough, you may be faced with a fall in sales and hence reduced cashflow, associated with the holiday period

In order to keep you credit record and payment profile ‘clean’ you need to be what you can to ensure these commitments are met.

But what to do?

Here are some steps to take.

1. To preserve cashflow consider talking to a select number of your creditors and see if they will agree to extended payment terms
2. Chase any outstanding invoices owed to you which are overdue – don’t be shy in chasing, this is money legitimately owed to you!
3. Take out a short-term loan (terms from 3 months to 24 months) to help put your cashflow back on track
4. Consider using Selective Invoice Discounting to unlock cash tied up in outstanding and new invoices

Don’t be hostage to a cashflow crisis; take firm action.

If you want to know more about short-term loans or Selective Invoice Discounting get in touch and we will be happy to chat you through the options.

Personal Guarantees… What Exactly Are You Signing Up To?

If you have every borrowed money and operate through a Limited Company then, as a Director you have probably been asked to sign a Personal Guarantee.

But do you know what signing such a document entails?

According to findings in a survey carried out Wirefund, a working capital loan provider, a large number of business owners are not aware of what they are signing.

When asked to describe what they understood a Personal Guarantee to be, just 45% could accurately outline what was at stake, which is that the bank would ultimately be able to repossess your personal assets if the business cannot pay back the loan.

Worryingly 21% said that a business owner/director who signs a Personal Guarantee would simply be personally guaranteeing that the money owed would be paid on time, to the best of their ability… a long way off reality.

Despite this lack of understanding, the majority of business owners have agreed to provide a Personal Guarantee when borrowing money. The survey revealed that 79% stated they had not been put off taking a business loan simply because it included a request for a Personal Guarantee.

The bottom line is that ultimately your personal assets can be at stake but in the survey 61% were not aware of this.

In the vast majority of cases, when lending to Limited Companies, lenders will want a Personal Guarantee, so be mindful of what you are entering into. Wirefund on the other hand is one the rare lenders which don’t insist on a Personal Guarantee.

To find out more about their loan product visit their website www.wirefund.com

That’s It…

That brings this text-only version of our weekly Business Finance Bulletin to a close. We hope that normal service will be resumed next week!

The recent Autumn Statement saw the Chancellor announcing two initiatives to assist growing businesses. In this Business Finance Bulletin, we look at support the Chancellor is giving to boost exports and of the additional funding granted to the British Business Bank for businesses in search of equity finance.

New research carried out by Axa Business Insurance reveals that small businesses remain relatively buoyant in 2016 but as we discuss, 2017 looks less certain.

We are seeing more finance schemes designed to get funding to businesses in certain geographical areas. In this Bulletin, we look at an announcement from Market Invoice of its tie up with the Leeds City Region Enterprise Partnership which will see up to £2 million available to Leeds-based business via invoice discounting.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

Whilst bank lending to businesses is slowly on the up, in this Business Finance Bulletin we look at the latest statistics from the Finance and Leasing Association which reveal that the Asset Finance sector is on a roll.

Carrying too much stock can tie up cashflow which can be better employed within the business. We look at research from the Asset Based Finance Association which highlights exactly how much cash SMEs have invested in unsold stock.

Another drain on cashflow is of course late payment. A new report from the Federation of Small Businesses is calling for more action on tackling the late payment endemic.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

As the Business Growth Fund celebrates its 5th birthday, in this episode of the Business Finance Bulletin, we look at the level of support it has been giving growing businesses in need of finance.

Late payment affects many small businesses, but a new report from Ormsby Street sheds light on which business is the worst late payer out of all the High Street retailers. If you supply this business, then you need to manage your cashflow very carefully.

Staying with cashflow, we look why actively planning your cashflow requirements is important, especially with the year-end approaching.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.