Our Managing Director Mark Smilie, has built up a strong network over his career and as a result, has access to some valuable insights, tips and opinions. Here’s a note from him…

“I asked two expert finance brokers a question you might find interesting…


What can a business do to make it easier to get finance in a crisis? Rather than just stop paying everyone to keep money in the bank… 


My first expert, Leanne explained:

‘Business owners who are homeowners, must ensure they keep up to date with their mortgage payments at all times. Late or missed mortgage payments are the biggest reason for a declined business loan application.

[if you are reading this during the Coronavirus outbreak remember that you should apply for a mortgage holiday if you think that you can’t keep up repayments. For further support click here]

During a crisis, business owners should also seek to make payment arrangements with everyone they are able to, including rents on premises, hire purchase agreements etc. [Given the Government guidelines this should be possible in the wake of the economic impact caused by Coronavirus.]

 Finally, for the best chance at obtaining finance during a crisis, a business plan should be laid out to demonstrate to lenders how a business will recover and what ideas they have to diversify in the new trading arena.”


My second expert, Sarah said:

“Ensure that statements remain clean – if a holiday period has been granted – then evidence to support this showing that it was agreed and you didn’t just stop paying. A lender will also consider, the impact on the monthly obligation after the holiday – so what the payment will be increased to, as this will effect EBITDA.

In essence full visibility otherwise applications will fail.’


Please contact me at Ringrose Business Finance today to discuss how we might be able to support you in obtaining a business loan for your circumstances. You have 84% more chance of being accepted by using us, as we know where to take your application.”

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