Top tips to make a success of your funds application

LDBF team SUS-140930-103004001

LDBF team SUS-140930-103004001

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Let’s Do Business Finance (LDBF) will lend over £1.25million to SMEs in the local area over the next twelve months and has set out some top tips to give every business the optimum chance of making a successful funding application.

The team is part of the Let’s Do Business Group and wants to hear from established and viable enterprises with a view to supporting their continued growth.

Ian Smallwood said, “The lending bottleneck that has been created by the high street banks remains a real problem for businesses that ordinarily should fly through all the checks and balances and qualify for support. We are regularly lending between £3,000 and £50,000 to businesses that, through no fault of their own, find themselves in this position.”

There are five golden rules that business owners should consider when they get in touch:

Understand your business – you are the expert so make sure you sound like one when asked searching questions about it.

Have a business plan – if your finished business plan extends to just one side of A4 you need some help to write it properly – LDBF can help you.

Understand your plan – if someone else helps you write the plan, you must make sure you fully understand everything in it.

Be realistic - ask for what your business needs, not what you would like.

Don’t ask ‘What’s the most I can have?’ – take your Sunday carvery head off and start sounding like you’re in business! If you are thinking about taking the next step in developing an existing business, contact the Let’s Do Business Group on 0844 415 2272 or email info@ldbgroup.co.uk