SME’s still struggling to access finance
Even though I was encouraged by a recent City AM article about how the British Business Bank intends to step up small business funding as Brexit approaches, the well-publicised war cry we still hear from small businesses on a regular basis is “why won’t anyone lend anymore?” and that sentiment was certainly echoed by IGF’s (Independent Growth Fund) chief executive John Onslow as he commented “Ten years on from the financial crisis, UK SMEs are still struggling to access the finance they need to grow their businesses,”
Whilst none of us want to return to the ‘bad old days’ of pre Northern Rock, the bland tick box process employed by most banks which allows no room for calculated risk and sound local judgement is stifling the potential growth in the SME sector.
Range of funding routes has grown significantly
Fortunately the range of funding routes has grown significantly over the past 4 years, filling the gap left by the main banks’ partial withdrawal from the SME market but there is still huge frustration amongst our SME business owners over this whole issue of raising finance.
There is however no point in just bemoaning the situation and, despite everything, it is still possible to get funding if you know how to go about it.
What is central to any attempt to get either debt or equity funding is a clearly articulated business strategy, a credible management team and a robust well thought through and well-presented business plan.
How to run a successful campaign
With this in mind NXD have again joined forces with Julian Costley to run a one day course on fundraising. But this time it’s focussed on helping Non-Executive Directors get better at guiding the management of their companies as to how to run a successful campaign. For more information>>>
For more information on Julian Costley please visit here >> If you would like to discuss how Julian or any of our NXD Non-Execs may be able to help you with your business then please contact us either by email or phone 01483 212892