6 steps to increase your chances of securing finance

28/05/2014 / Comments 0

6 steps to increase your chances of securing finance

Much of the blame for the falling lending statistics has been laid squarely at the door of the high street banks and other lending institutions.

Businesses of all sizes, but particularly the smallest ones, have found it difficult to access what they’ve required since the crunch took hold.

But there are a few things that businesses can do to make themselves a much more attractive proposition to lenders. Here are six that we believe are crucial to securing the facility that best suits your company:

1. Identify your funding need

There’s any number of reasons why a business might require a finance facility. Are you looking to fill a short-term cash flow gap? To purchase new property or machinery? To buy another company? To recruit more staff? Similarly, do you know precisely how much finance you need to raise? The answers to these questions will shape the sort of facility that you should be looking at, and having a clear idea will demonstrate to the lenders you approach that you know what you’re doing.

2. Refine your business plan

Many lenders will look at your business plan before deciding whether to offer the facility you’re looking for. This is particularly true when it comes to traditional lending, such as loans and overdrafts. The plan should portray where your business is heading, what your future strategy is and include realistic financial forecasts. It must be concise, well written and professional.

3. Review your existing funding

Scrutinising your existing funding facilities is an important task that should be completed on a regular basis. Are they providing the level of support you wanted? Are you satisfied with your lender’s service? Is it still the most cost-effective option? Because the lending arena is constantly evolving, what might have been right for your business a few months ago might no longer be, and this benchmarking process could help you to unlock further funding without needing to obtain an additional facility.

4. Do some research

It’s good to familiarise yourself with the financial options that exist. If you know exactly what you’re looking for, compare a few different lenders and get it clear in your head how the facility works and what you can expect. When you then approach a lender, you’ll be able to demonstrate a good knowledge of the product and how it will benefit your business.

5. Have an open mind

As the market evolves, this is becoming increasingly important. There’s much more than an overdraft or bank loan, but making the decision to try something new can be difficult. Yet if this leads to your business securing the facility that ticks every box and provides the funding and flexibility you require, it could be the best decision you’ve ever made.

6. Talk to a broker

The process of selecting a funding facility can be hard work. With so many types of funding available, how can you realistically assess the pros and cons of each one? A broker will listen to your funding requirements and understand your plans for the future before introducing the facilities and lenders that will enable you to achieve them. A good independent broker will know the funding market inside out and work with you to secure that ideal facility.

For more information about how Hilton-Baird Financial Solutions can assist as an award-winning commercial finance broker, call our team on 0800 9774833 or email


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Some of the funders we work with

  • Shawbrook Business Credit
  • Regency Factors
  • Pulse Cashflow Finance
  • Lloyds Bank Commercial Finance
  • ABN AMRO Commercial Finance
  • Davenham Asset Finance
  • Nucleus Commercial Finance
  • Creative Capital
  • Trade Finance Partners
  • Roma Finance
  • Secure Trust Bank
  • Team Factors
  • Innovation Finance
  • Santander Corporate & Commercial
  • Bibby Financial Services
  • Skipton Business Finance
  • Ultimate Finance Group
  • Woodsford Tradebridge
  • Investec
  • 1pm
  • Asset Advantage
  • Spotcap
  • Assetz Capital
  • Positive Cashflow Finance
  • Leumi ABL
  • Catalyst Finance
  • PNC Business Credit
  • Henry Howard Cashflow Finance
  • Royal Bank of Scotland
  • Aldermore Invoice Finance
  • Outsauce
  • Close Brothers Invoice Finance
  • IGF Invoice Finance
  • Partnership Invoice Finance
  • Barclays
  • iwoca
  • Davenham Trade Finance
  • Platform Black
  • Market Invoice
  • InvoCap
  • Metro Bank SME Finance
  • GapCap Cashflow Finance
  • Calverton Finance
  • Working Capital Partners
  • Everline

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We are a credit broker and not a lender and offer credit facilities from a panel of lenders

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