Giving Small Firms Credit Tips

7th July 2022 | News

As business returns to normal trading post Covid, challenges remain to ensure SMEs are accessing the proper funding to expand.  Some tips for potential borrowers are set out below, based on the experience in Credit Review with SMEs who use our services.

  • Ensure you have made a formal application that has been considered by the bank’s credit department. Applications can be made in person at a branch, over the phone or online. Always check that you have made a formal application, not just an enquiry – that means the credit department will review your request and that you can appeal if they refuse
  • Check you have provided all the information requested. The bank typically has 15 days to respond to an application, but the clock is switched off if the bank is awaiting additional information from you
  • Address the banks concerns regarding repayability by providing clear, concise and relevant information about the business, with realistic projections showing viability/ability to repay
  • Ensure the bank is not the only risk taker and that you, or your business, is contributing to the cost of the proposal as well
  • While lending is all about future cashflows – from which you will repay the debt – risk can be reduced where there is strong security or collateral.

If you feel you have addressed all the banks’ concerns and you are refused credit for your business you may appeal the decision.

For more information on our independent appeals process visit our website at , contact us by email at, by telephone on 0818 211 789, or follow us on our social media channels, LinkedIn and Twitter.