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Jan
07th

GET THE BANK TO SAY YES By: Gordon

Without a plan no bank will lend you money so we recommend you tell your bank manager what is required, and ensure that you present him or her with a proper proposal for consideration.

Banks are in business and make a considerable profit from lending money. Thus, it is important when requesting finance from them that you take a positive attitude. Take particular care over the following:
• Make sure you have requested adequate finance to support your proposal

• Demonstrate in writing that the finance is required and that your request is set at the correct level

• Your bank manager will expect to see up-to-date accounts – please ensure you allow us adequate time to prepare them properly

• Where applicable, ensure that profit forecasts are available

• Make sure you include cashflow projections to demonstrate your ability to repay the loan and interest

Your bank manager will tend to take a more positive view of your request for finance if he or she is assured they will be receiving regular information on your business trading.

If you need help in drafting a plan please contact Haxton, Chartered Accountants West London.

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