Mark Smillie’s latest newsletter is now available! As usual, if you are interested in getting Mark’s latest posts directly to your inbox, consider signing up here!

I don’t know about you, but I am avoiding the news. BBC news in particular! Why? It’s all a bit too depressing. As every successful Company Director/Entrepreneur knows, it is impossible to make money with a negative attitude, positive people make money.

However, I did  read this earlier in the week and thought it was relevant to this weeks newsletter

A poll by Nucleus Commercial Finance shows that a quarter of SMEs had little or no savings before the coronavirus outbreak. Fewer than two in five believe they have enough money to see them through the rest of the crisis. The survey of more than 1,000 small business owners shows.

The winners next year will have their finances in place, very early and before they need it.


Three ways to save up to 50% on your business finance

  • Try to apply for finance as early as possible! Don’t leave this until you are beginning to need it.

Finance companies look very closely at your last 3 months bank statements. (Now it is normally your last 8 months statements due to COVID). They will be looking to see how much pressure your Cashflow is under and whether you are on an upward or downward curve, this can be the difference between you paying 3.5 or 7%.

Solution: Prioritise your finance and apply early.


  • Underwriting will look at serviceability and your Covid history.

Whether there is enough money left over to make their future repayments after any postponed liabilities, HMRC, Government Loans and existing loans. They will also look at how the business dealt with payments during the Covid period E.G. Did the business just stop paying finance companies when they had cash available to do so.

Solution: Knowing the Underwriters are going to look at this, it would be very helpful to explain anything you think is relevant. Your favourite broker has access to senior “Can do people” and will do this at the beginning.


  • These days the finance companies have far more access to financial information than in the past, some might say more information than they should, but we live in a real World and that is the way it is.

If there have been past issues, company failures, CCJ’s, missed payments to finance companies or poor personal credit, you should assume it will come out at the last stage in underwriting. Hence last minute turndowns.

Solution: You really should use a broker but do tell them everything otherwise they will go to the wrong finance company and an unnecessary financial footprint will be left behind, adding to the issue.


Broker Benefits

A good broker will know which finance company is most likely to offer finance at the best rate.

Before approaching a broker do a personal credit check, it is so easy to do on Google and find out what your credit score is and let them know.

Finance brokers, are the same as everyone else, plumber, solicitor or accountant they vary in competence, when I am looking on using someone, I look at their testimonials.

I look at whether they are named as opposed to just Jack in Derbyshire.

I then read them and look at the detail and how many they have.

I’m proud to say I’ve helped a lot of people with finance, and they’ve graciously given testimonials for Ringrose. Head on over to our testimonials page, and check them out.


Kind regards,

Mark Smillie

The numbers you need: 0800 612 5364 or 07710 466166

Want More Great Finance Content?

Check Out These Articles