Small business owners operating in the UK have been offered some advice on how to go about securing finance.
Alex Pratt, entrepreneur, business expert and founder of Serious Brands, has said that persistence is vital, urging businesses to exhaust all options.
“The banks keep telling us that they have got lots of money so don’t give up. Don’t just try one, go to them all. Learn from the first experience, re-jig your proposition and get to another bank. Keep going until you get success,” he said.
“If you can’t get success that way, then think of another way. Go to your suppliers, ask if they will give you any credit that you need, approach family and friends, go to customers, get customers to pay upfront, do whatever it takes.”
The comments follow the recent opening of Shawbrook bank, which has pledged to make credit available to businesses that struggle to secure loans from the mainstream banks.
Funded in part by RBS, the bank is set to loan £250 million to the UK’s small businesses by the end of 2012.