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How to get the most from your bank

16/04/2014 / Comments 0

How to get the most from your bank

From our experience, every business, regardless of size, needs to have an effective relationship with their funder.

During a tough economic period in Britain the banks’ took a stricter approach to lending, which led to many businesses struggling to access the finance they required to overcome the challenges that prevailed.

With the banks more selective over the deals they commit to, it is therefore crucial to understand how best to manage your banking relationship in order to maintain your facilities or increase them.

Firstly, like any good relationship, communication is key. It is important to help your funder really understand your business; being vague or hard to reach won’t do you any good in the long run and should you need assistance, they won’t be able to fully help you without a thorough understanding of what you need. Proactively manage your banking relationship by educating them on your strategies, your finances and the vision for your business.

From the outset it is important to determine what you both want out of the relationship. Your funder most likely wants to see evidence of a coherent strategy, strong management control, consistent financial information and realistic forecasts. Communicate clearly by taking the initiative to tell them what their role should provide, be it ongoing support, development funding or an ability to expand offshore. It is helpful to remember that you should expect the same back from the bank as you should in any professional relationship.

Lastly, don’t underestimate a bit of research. Get to know which facilities you’re eligible for, find out whether they’d work for your business and communicate it with your funder. There is so much more available to your business than a simple overdraft or bank loan, so it is essential that you have a detailed understanding of your existing facilities and those available to you. A key principle in managing the relationship with your funder is working from a position of strength.

To learn more about the different funding options available to your business download our free guide here.

If you’d like more information on how to get the most out of your funder and funding facilities, call our team on 0800 9774833 or email info@hiltonbaird.co.uk


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Some of the funders we work with

  • Catalyst Finance
  • Metro Bank SME Finance
  • Aldermore Invoice Finance
  • Creative Capital
  • Santander Corporate & Commercial
  • Boost Capital
  • Close Brothers Invoice Finance
  • Ultimate Finance Group
  • Woodsford Tradebridge
  • ABN AMRO Commercial Finance
  • Secure Trust Bank
  • Bibby Financial Services
  • Innovation Finance
  • Davenham Asset Finance
  • InvoCap
  • 1pm
  • iwoca
  • Merchant Money
  • Calverton Finance
  • PNC Business Credit
  • Trade Finance Partners
  • Giant
  • Leumi ABL
  • Davenham Trade Finance
  • Positive Cashflow Finance
  • Shawbrook Business Credit
  • Nucleus Commercial Finance
  • IGF Invoice Finance
  • Spotcap
  • Skipton Business Finance
  • Roma Finance
  • Pulse Cashflow Finance
  • Team Factors
  • Asset Advantage
  • GapCap Cashflow Finance
  • Barclays
  • Partnership Invoice Finance
  • Haydock Finance Ltd
  • Regency Factors
  • Lloyds Bank Commercial Finance
  • Royal Bank of Scotland
  • Investec
  • Market Invoice
  • 4Syte

Authorised and regulated by the Financial Conduct Authority (FCA number 730445)
We are a credit broker and not a lender and offer credit facilities from a panel of lenders

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