Yesterday I was talking to a bank with a client in the hospitality sector about their prospects for 2021. It was frustrating because the bankers would not accept that the contracts signed for next year will be delivered as the outlook is uncertain. They were not prepared to recommend support which leaves the business having to borrow from an alternative lender; and surprisingly on pretty good terms.

Working with business owners this year has opened my eyes to the attitude and pressures on bankers trying to fit their customers’ requirements into bank credit policy. Increasingly businesses are having to look further afield to secure the funding they need to meet their obligations and pursue their objectives.

The time to start an active dialogue with other lenders is now. Over recent years there has been substantial increase in the number of new banks and new capital entering the UK market entirely focused on lending to businesses.

These new lenders are willing to lend, and provide you with an alternative to give your business the best chance of getting the finance you need. Use an experienced advisor to get you in front of the most appropriate lenders.