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Many small businesses are finding it very hard to get hold of finance – and maybe because they are not using a professional adviser who could be their safe port in this economic storm.

The British Retail Consortium says a third of small and medium-sized retailers and almost a fifth of large retailers have experienced a reduction in bank lending in the last three months.

For those respondents who said they had experienced a fall in lending, over two-thirds of small businesses said it had undermined their ability to trade and as a result have had to reduce staff levels.

Getting hold of credit – whether that's a mortgage, a business loan, an overdraft or a personal loan – is crucial for all business. It's the lifeblood of a living, working enterprise, so not being able to get credit can be extremely destructive for small business borrowers and the self employed.

Talk to a financial professional today. They will be able to tell you your chances of getting hold of credit and can tell you exactly how much you are likely to be allowed to borrow. They look at your situation and only try for the finance that you can get – they will pull no punches and will always tell you the truth about your business finance.

And they are your best bet. An adviser will not have years of experience in dealing with self employed and self certified finance, but they will also have relationships with the lenders, which can hopefully help you get to the front of the queue when it comes to small business finance.

SOURCE: BRC, 31/07/09

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