Turned Down for a Business Bank Loan?

If you’ve been Turned Down for a Business Bank Loan there are sources of funding out there alternative to the traditional banks. They could finance the growth of your business. It’s just a question of knowing who to ask.

Most businesses that are serious about growth will have taken the plunge and pitched to the bank for funding at some point.  And some will have been declined because their trading history or insufficient security makes their business too big a risk. That’s been especially true in recent times as banks have become more cautious.

As business advisors, here at Jones Harris we seek out all the useful information from unusual sources so that we can help you. We have many colleagues and contacts in most professions, from fencing contractors to, in this case, finance providers.

Being turned down for a business bank loan doesn’t spell the end of your plans

For example, there are government backed funds available for businesses of any size and at any stage in their growth journey. You might need £500 for start-up costs or £100k to develop your exporting capacity or purchase new equipment.

We can refer you to those who can look at your requirements and advise you accordingly. The Northern Powerhouse Investment Fund (NPIF) is one of the many products which can be accessed. It’s been designed to help small and medium sized businesses to start up, scale up, or stay ahead.

Northern Powerhouse Investment Fund

NPIF is commercially focussed finance, available as Microfinance, Debt and Equity Finance funds. It’s a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the North West, Yorkshire, the Humber and Tees Valley. It provides over £400m of investment to boost small and medium business (SME) growth in the North of England.

This is just one of the many different sources of finance which you might be able to access – some of which might even be grants.

If you’re not sure who might have the answer to your business question, just ask Jones Harris. If we don’t know, we’ll know who to ask.

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