3 things to tick off before you get a loan for your business

Taking a loan into your business atm the moment is scary and it's important you borrow the right amount from the right place. I have had all kinds of business loans over the years and there are a few questions I ask myself before I press accept.⁠⠀
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1: Who are you borrowing the money from? Borrowing money from the government is totally different to borrowing money from Lloyds Bank, Lloyds will aggressively collect the money in the event of non-payment and the government won't. Also all banks are not created equal. Lloyds is not Triodos is not Starling.⁠⠀
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2: In the past I have just got as much loan as possible regardless of how much money I actually need. Plan what the money is for and what you expect the business to look like after you have spent it.⁠⠀
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3: What are you assuming about your business when you take this money in? Are you counting on your customers coming back? Are you counting on your turnover being what it was pre-Covid? Take some time to consider this.⁠⠀
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Thank you to @raisedup.finance for starting this conversation this week, follow Deb on that handle for clear, concise small business finance advice.⁠

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