Firms urged not to give up on funding

Date: 02/11/2011

Firms seeking funding to expand their business and purchase additional 0800 numbers have been urged not to give up.

Alex Pratt, entrepreneur, business expert and founder of Serious Brands, said companies should not stop if they are rejected by one financial institution.

Instead, they should visit a range of different banks and "re-jig" their position after learning from the outcome of any previous loan applications.

"If you can't get success that way, then think of another way," Mr Pratt continued.

He recommended asking family and friends for help, as well as requesting customers pay up front or going direct to suppliers for credit.

The expert added banks often use credit committees and computer systems to decide who receives financial aid instead of conducting "intelligent" assessments.

One way of accessing finance could be through the Regional Growth Fund, the second phase of which has just been launched to distribute £950 million between various enterprises.