74
FUNDING SUMMIT
Continued on from 73
He said: “If you’re meeting a funder for the first time, they don’t know your business. They don’t really know anything about your particular business. But they may have seen something in a similar sector before.
“There are lots of times where questions come through from the funders and we’re able to answer them.”
Martin encouraged businesses not to be afraid of borrowing if it supports ambition.
He said: “Debt isn’t bad. It actually gets you where you need to go. I’ve been talking to businesses that say, ‘I’ve never had a loan before,’ or, ‘I’ve never had to go outside of the family.’ But it accelerates that growth.”
Steve Bell
DON’T RULE YOURSELF OUT OF THE GAME
Businesses were urged not to rule themselves out of seeking finance at the Funding Summit.
17 Categories across all industries and career stages Martin Emmott
Enter yourself or nominate a colleague, employee,
apprentice or team member Celebrate the people
shaping Lancashire’s future Ben Smith nominate here! Enter and
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Joe O’Connor of FW Capital said there was an abundance of support available for businesses across Lancashire, but too many owners kept their heads down and failed to explore the funding options available to them.
He said: “One of the things about Lancashire is there are hundreds of businesses doing weird and wonderful things, and there are funders out there who are willing to support them. Whether that’s high street banks or other funders such as River Capital and FW Capital, and you’ve got Rory Southworth up in Lancaster doing his Angel Network work through Fhunded.
“People just need to start asking questions. Businesses do what they do day to day. They don’t really get their heads up and ask.”
Joe said many entrepreneurs convinced themselves they were not ready for funding or that their businesses were not strong enough.
He added: “They say ‘we don’t think we’re good enough, we’re not ready for it, we can’t afford it, we can’t do it, and we’re going to take too much on’.
“For us, it’s about sitting down and having conversations with them and helping them to realise that, actually, you are good enough, your business is great, and we’re willing to back you on that.
“Have confidence in your product, have confidence in what you’re selling or what you’re doing, and just start having conversations with people.
“It’s that time-old phrase, the worst answer you can get is a no but nine times out of ten you’re talking to people where it’ll never be a no, or it’s, ‘I’m not quite sure, but I know
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