FEATURE: BUSINESS BANKING


Gather as much detail as possible It is important to provide the bank with as much information about yourself and your practice as possible. For example: location and premises details, last three years’ financial accounts, plus any management information.


Be clear on your funding requirements It is vital that you are very clear on your proposition and requirements. Explain why you need the funding - whether it is for day-to-day management or for future growth. Demonstrate how you can repay the debt repayments and fulfil the commitments.


Day to day banking needs Look around to see what is on offer to ensure you have the best package. For example, Royal Bank of Scotland has created a package of benefits to support your business when you switch your business current account, saving you money and helping with cash flow. They offer two years free banking to new customers, no annual fee with a Royal


Bank of Scotland credit card for the first 12 months and you can apply for a fee-free


overdraft facility of £500. In addition their bank managers and relationship bank managers are


available to discuss your lending needs and can talk you through their small business loans.


Be prepared to consider a combination of facilities


Today it is quite common for businesses to use a mixture of financial facilities to support working capital. Traditional lines of finance such as loans and


overdrafts can provide excellent short-term solutions whereas invoice finance and asset finance can offer more flexible, longer term cash flow support.


July/August 2017 Chamber Profile 17


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