We've just finised our first year of trading and have amazingly managed to do a seven figure turnover and a near 20% net profit margin (before tax) - and guess what, now I have to trawl round banks to see if I can get one to actually give me a proper overdraft (I have had a very small personally guaranteed overdraft this year, that's all).
Even in the face of one of the worst economic recessions known to man we've done well, worked from the start off basically nothing and next year have a line up of product (we do film distribution) that is much stronger than last year - however, I need to find a bank that's going to actually want to help us expand and not live from hand to mouth on a daily basis.
Anybody work in banking or know of a decent bank that IS helping new businesses grow ....?
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My business bank account is with HSBC, for what it's worth.
There are many self employed and in business on this board.
I guess you just have to do your homework and examine each - and see what's right for where your business is right now, and where you want to go.
Usually banks will only lend money if you either have sufficient collateral against the loan - which typically means your house or you have enough collateral in the existing business. The problem with many service type industries is that there is very little meaningful collateral in the first place and even less after you strip out ongoing commitments such as leases, pensions etc.
But banks - the saying that they'll lend you an umbrella when it's sunny and ask for it back when it rains has always been a truism.
There is a branch in Masons Hill Bromley.
Business Link organisation? I'll give it a google search, thanks!