Loans tips for small businesses
Barry Evans, regional director for the South-West and Wales for NatWest, talked to The Telegraph about how small businesses should go about securing a loan successfully.
Proper planning and a good relationship.
“Business customers shouldn’t feel they have only one shot to get finance from a bank. Rather, it’s the opposite. If they approach us early, we can work with them to assist in accessing the loan”, explains Mr Evans.
A good business plan is pivotal in demonstrating how an idea could develop. It should also detail key numbers such as turnover, cashflow, costs, profits and obligations, showing that options are in place if things do not go to plan.
“Be upfront and realistic about forecast profits and expectations. If you’ve lost or gained a key contract or customer then let your bank know and we can work through the potential implications with you”, concludes Mr Evans.
Read The Telegraph’s article in full here