Lack of Viable Plans Affects Business Loan Approvals

Research by business accounting firm, Sage has revealed that small firms’ failure to produce a business plan was a key factor affecting the number of bank loan applications that were rejected in the past year.

The research found that 42% of small business owners had no business plan in place, and just 10% had used one in a loan application. Sage claims that this hinders small firms’ chances of securing finance.

Clive Lewis of theInstitute of Chartered Accountants Englandand Wales (ICAEW) agreed: “It suggests a lack of good financial management. Without one, you’re unlikely to get your loan approved, especially if you’re talking about borrowing in excess of £25,000.”

MGBA

 

 

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