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What to do when your Bank says NO!

We hear more and more often from business owners that their bank won’t support their funding requirements.


Firstly, don’t take it personally.


Banks have a rigid set of criteria, and if something in your business does not fit their criteria exactly, they will decline your application without further discussion. This can be as simple as not supporting a particular industry that is considered high risk at that point in time.


Other areas of concern to the bank may include

  • Your business or personal credit score is not high enough

  • Your business has not traded for long enough

  • You have a poor payment history


Secondly, don’t give up.


The SME funding landscape is constantly changing, with more options available to businesses than ever before.


There are now many non-bank providers and alternative lenders on the market, introducing new products and more options, giving you a greater choice with quicker access to finance.


Additionally, alternative lenders provide greater flexibility surrounding certain requirements like credit score and length of trading.

SMEs are spoilt for choice with the large array of alternative finance options available. Here are just some of your options.

  • Revolving credit facilities

  • Cash Advances

  • Secured and unsecured loans

  • Bridging Finance

  • Invoice finance, including selective invoice and no contractual tie in

  • Asset finance and Re-finance of owned Assets

  • VAT and Tax loans

  • Commercial property loans

  • Pension-led funding


Alternative finance providers understand the wants and needs of SMEs looking to grow their existing business. They’re experts in what SMEs require. They’re well versed in the challenges faced by SMEs and will have specialist knowledge in a variety of sectors, ensuring that you are in safe hands when it comes to finding the finance that’s critical to the success of your business.

Reservoir Finance is committed to educating SMEs and working alongside them to support accessing financial solutions that help businesses thrive and grow. Send us a message if you would like help to find the best solution for you.

 Contact our experienced Brokers to see how we can help your business grow 

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