You should develop a good relationship with your high-street bank from the time when you first start your business. That way, by the time you find your business is growing, the bank will be more willing to offer you additional finance options to continue that growth. This guide will give you a greater understanding of what the banks can do for your business.
I am uncertain as to which kind of growth finance is
suited to my business. Why should the bank be my first port of
Your banking contacts should have a good relationship with you, and as they will have dealt with you over a period of time, they will be familiar with both your business and your financial situation. It is a good idea to speak with your bank about the kind of finance they can offer your growing business. You are not bound to take them up on any finance they might offer; and it might be you may find alternative routes such as flotation, or a VC injection more to your liking in the end; but your bank's advice may well help you decide what is best for your business.
To help you on your business journey, we've created Smarta Business Builder, the complete online tools package for growing your business. Website Builder, Business Plans, Accounting Software, Legal Documents and Email - all in one place - from just £20 per month with no contract! Try it out today.