A report from Smith and Williamson reveals that 70% of small businesses fail to secure finance at the first attempt while two in five companies said that they had been turned down for funding more that three times. One in ten had made five or more unsuccessful attempts and nearly half said that weak management was the reason given for the refusal. Inadequate business models and poor financial controls were also key reasons for losing out.
Here at 2XL we frequently place proposals with other lenders after they have been declined by their bank. Sometimes we are able to “tweak” the deal and get it sanctioned by the same bank that has given the decline. With over 100 lenders on our panel, we have plenty of scope to place business.
We take the hassle out of the transaction for the client, providing a customer-focused approach whilst helping them to achieve the finance that their business requires at rates that they would otherwise be unable to attain. Contact us today to discuss your businesses financing options.