Partner Article

NBSL supports businesses to apply for loan funds

Financing a new business start up is not always easy and in the absence of available grant funding in these austere times it may be necessary to approach banks and other lending institutions for a loan to provide funds to get a business up and running.

However, understanding how to carry out market research, write a convincing business plan and complete cashflow and profit and loss projections can also seem to be a mountain to climb for many aspiring entrepreneurs who are often experts in their own field but novices in relation to securing funding.

For anyone living in Northumberland though, help is at hand in the shape of NBSL’s team of experienced Business Advisers (all SFEDI accredited) who can support people wishing to start up businesses to develop the necessary skills and apply for funding.

The assistance given is practically based and can cover signposting to sources of market research information, support in carrying out cashflow and profit and loss forecasting and guidance in writing a business plan to satisfy the agenda of the funding body or bank.

One client who was supported recently with in-depth advice on business planning and cashflow forecasting was successful in obtaining a grant of £10,000 (rarer than hens’ teeth these days) and an additional £40,000 bank loan. He commented later “Thanks for all your help, it’s been invaluable”.

This was posted in Bdaily's Members' News section by Phil Langton .