Finding business finance: What to do when the bank says no

From bedroom start-ups to manufacturers and fast growth tech companies, SMEs are key to driving and growing Lancashire’s economy. If you are one of these ambitious businesses, chances are that one of the things you’ll need is finance to make it happen.

But if you’ve been to the bank and been turned down, where do you go from there? Alternative finance is opening doors to thousands of people and the coming together of the public and private sectors to support new businesses is something that Lancashire has championed for years.

We partner with business support networks like Boost to give businesses the best possible chance of success and with the high street banks, so that anyone that the bank can’t lend money to has an opportunity to work with us. As a result, we’re seeing a closing of the ‘finance gap’, ensuring that more of our region’s businesses have access to the finance and support they need.

As part of The Growth Company (TGC) our team at Business Finance Solutions was proud to become a Boost & Co partner earlier this year. We have been supporting people with flexible finance to start up and grow their own businesses for over 12 years, through publicly backed schemes such as Start Up Loans, the Northern Powerhouse Investment Fund (NPIF) and the Co Angel investment service.

Backed by the government, these funds work with you at any stage of your growth journey, whether you need £500 start-up costs or are looking for £100k to invest in new equipment or to export.

There is of course always a risk in starting a business. But anyone taking that leap in Lancashire has access to an unparalleled range of funding services and support networks that add real ‘been there and done it’ value to an entrepreneur’s journey.

We have advisors working across Lancashire and as part of the Boost network that can help to find the best funding solution to meet your needs.

So, if the bank says no, you know where to go.