PREPARE FOR A LOAN IF YOU’RE GOING IT ALONE

Dear Biz

I’m in the process of setting up a new business but I’m struggling to get the finance I need. I asked my bank how much I could borrow and they flatly refused to help. Have you any advice? Samuel, by email

Biz replies

You would need to be very specific when approaching your bank, or anyone else, with a request for cash for a new business.

You need to show them you have done thorough research and have a vision for success. A comprehensive business plan showing where you are going, who your customers are, what you will charge, your costs, what risk you are taking yourself and how much you need to borrow and for what will be essential.

Go back a few steps, get these details together in a well-presented format – and then approach lenders.