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Persistence 'is key in business loan applications' PDF Print E-mail
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Latest Recruitment News - HR and Recruitment Legislation News
Written by DirectNews Feed   
Thursday, 03 November 2011 00:00
Persistence 'is key in business loan applications' Managers of companies with PA's in London who are trying to obtain funding have been urged to not give up easily.

According to Alex Pratt, entrepreneur and founder of Serious Brands, being persistent in the search for capital is essential in the aftermath of the global economic downturn, as many banks and building societies have tightened up their lending criteria.

At present, businesses in the UK face one of the highest rejection rates in Europe in terms of loan applications.

Mr Pratt attributed this to the fact that financiers tend to rely on "credit committees and computer systems" as opposed to common sense when making their decisions.

However, he went on to say that taking a relentless stance towards securing finance is crucial, especially if a firm is rejected by one lender.

"Learn from the first experience, re-jig your proposition and get to another bank. Keep going until you get success," the expert added.

Posted by Mary KingADNFCR-3012-ID-800785102-ADNFCR
 

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