Business funding tips

This month, Business Support Specialist Heidi Green gives us five tips on how to make sure your business has the best chance of receiving funding.

1. Keep up-to-date accounts
Make sure your accounts are up to date, this may sound obvious but often accounts are submitted that are last year’so in effect 12 months out of date.

2. Check yourself before you wreck yourself
Do a credit check on yourself first, lenders do like to understand personal credit history as well as the business history.

3. Honesty is the best policy
If you do have something in your credit file that could be a concern for a lender tell them.
Often, the lender will respond better if they’re made aware of the situation.

4. Show affordability
Bank statements will need to be submitted to prove you can actually afford the repayments of any loan you are applying for.

For further help and advice on the above or business growth and funding opportunities contact Heidi Green, hgreen@selby.gov.uk or telephone 01757 292332.