Financial Institutions have been accused of trying to stifle new start-ups over funding applications.
This can have serious impact over the life-expectency of small businesses. Without proper funding, either they may fail to start or may fail to attract the right amount of attention from potential customers and hence, fail within a year or two.
There are several reasons behind this. The primary reasons are that financial institutions have been asked to increase the amount of capital they hold in order to lend. This has gone up. And as a result, they are either calling back the loans they had disbursed early. Or they are refusing to lend.
Having said that, financial institutions can only make money if they lend money. And hence, they are still lending. The criteria, however, have now become more stringent.
Whereas, in the past you could get a loan with a fair credit rating, now you need to not only have impeccable credit history, you also need to provide an element of security and deposit of as much as up to 30% of the loan value.
Get your application wrong the first time and you could be in for a long haul. You may have to make presentations after presentations. You may end up speaking to the wrong financial institution for your needs. Or you could end up speaking to the wrong department or person.
This can cause stress. And not only that, you may lose valuable opportunities and time. And rather than spending time doing what you are best at, you would end up preparing presentations and chasing financial institutions and with no result.
This is where working with specialists such as CER Business Finance can help.
We have worked with businesses from many sectors and of various sizes. And we have helped them secure the right funding.
Recently, Bill Christie, the Director of CER Business Finance, gave an interview to The Herald in which he has gone into details as to what financial institutions need to do to help Small Businesses. You can read the original article by clicking on the link below:
We spend time to understand your situation and requirements. We don’t try to fit you into a box. Rather, we build a brand new presentation around your case.
And once we have done that, we approach the right person in the right department at the right lender. The result is much less stress and speedy results.
While we would love to guarantee our results, these depend on the information you provide.
We work in an honest way with you. And if at the outset we feel that you may not be eligible to get the funding you are looking for, we will mention that. In which case, there is no cost to you.