In his new CNBN show, The Business Class, James Caan argues that finance is available for small business owners who do the correct research despite the economic climate.
Caan said: “Budding entrepreneurs are disappointed when they are refused finance for their ideas but often it is because they have asked the wrong lender or they are presenting themselves in the wrong way.
“In the next episode of The Business Class for example we feature the young entrepreneur behind Shutl.com who has raised all the capital he requires to launch his business by making compelling pitches to lenders.”
Throughout filming and researching the series, Caan found that how best to secure funds to fuel growth has become the most common challenge for SMEs.
He added: “Some banks have reported that requests for business finance have actually decreased which is probably due to a lack of confidence. But lenders say that often funding is not granted due to business owners simply not providing the correct information or having a tight handle on their numbers.
“But the banks are lending if SMEs can present a strong business case.”
The Government’s recent Funding for Lending Scheme has been a major move to encourage small business to borrow. The initiative aims to boost business lending by discounting loans and it was announced this week that 30 banks are now signed up to the scheme.
Caan said: “With borrowing rates at their lowest level for many years and small signs of recovery from GDP figures last week, right now appears to be an excellent time to invest in growth.”
Published: 26 November 2012
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