If you have a great idea in mind and a clear goal in your sights, banks and lenders are open to supporting you - despite common belief to the contrary.

The current economic conditions present opportunities as well as obstacles for small and medium enterprises (SMEs) looking to develop their business.

Experts at RBS are committed to financially supporting commercially-viable business ideas.

By working with you, and providing a wide range of banking facilities, they could help you achieve your business plan and make your business dream a reality.

Here are some tips to consider:

1. Present a strong business plan

When approaching your bank or lender, it is important to present a robust and detailed business plan outlining your business goals, strategies, market and financial forecasts.

Keep it realistic because this document provides the financer with the information they need to assess the viability of your business.

Remember to demonstrate your 'plan b' should things take a turn – be it funding options, alternative suppliers or different routes to market.

2. Have clear funding requirements

Explain why you need the funding - whether it is for the day-to-day management of your company or for future growth.

Demonstrate how you can meet the debt repayments and fulfil the commitments.

3. Explore all funding options

These include bank finance, approaching venture capitalists, 'business angels' or applying for a government grant for business investment. If you are seeking outside investment you must be clear about what investors want in return and always have written agreements in place.

4. Consider a combination of facilities

Today, it is quite common for businesses to use a mixture of financial facilities to create a more suitable and flexible support structure for 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.

5. Discuss Government funding schemes

Although credit is still viewed as tight in the UK, there is a lot of support available through Government lending schemes and bank initiatives.

The Government offers lending schemes specifically designed to help small businesses, such as the fee-free Funding for Lending Scheme (FLS).

6. The benefits of alternative funding solutions

For example, invoice finance is a great facilitator of growth because it allows you to immediately release cash from sales – harnessing the assets from your debtor book.

It can help you to manage late payments, which is another area that can put the brakes on those looking to grow and expand.

Asset finance is another alternative funding tool that many can consider when looking to update their asse...

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