Insight Associates provide outsourced accounting and Finance Director services to ambitious and growing businesses. We work as your only resource or with existing staff to give you complete financial support including monthly management accounts, high level financial advice, robust controls and financial systems, funding and business planning, payroll & compliance, VAT returns and statutory compliance.

Successful business leaders have all the information they need to make good decisions…Do You?

Tuesday, September 07, 2010

So who is right?

An interesting article in the Telegraph states that the main UK clearing banks have commissioned an outside body to research companies that have been refused lending!  This in an attempt to prove their case apparently against the Business Secretary Vince Cable and others that they are not at fault for not lending!

There does seem to be an interesting battle going on at the moment. The banks being adamant that they are lending, and small business groups including the Federation of Small Businesses (FSB) saying their members are going under for a lack of bank funding!

Our experience is certainly that the credit criteria of banks has changed, and they do indeed look at proposals much more closely, but then so they should!  They are not in the business of losing money any more than anyone else, and need to be comfortable that the risk is right.

However, we do wonder if a lot of approaches to the banks fail through a lack of proper preparation. More now than ever a business must demonstrate that they have their house in order with good financial management, control and quality information, and then a well thought through Business Plan to support their funding.

Getting this right is critical, and at Insight Associates we have had considerable success over many years in gaining support from lenders for our clients.

Insight Associates, Insight House, Riverside Business Park, Stoney Common Road, Stansted Mountfitchet, Essex, CM24 8PL, UK
Tel: +44 (0)1279 647447 Fax: +44 (0)1279 814512
Insight Associates is a trading name of Financial Catalysts Limited. Registered in England and Wales Number: 5670047. Registered Office as above. Disclaimer | Cookies