Have an amazing new business idea? Here's how you can get it funded

Yorkshire Bank’s Group Business Banking Director is here to answer your questions

Dominic Lipinski/PA Wire
Millions of UK consumers could receive a payout of up to £300

Finding funding to get your business idea off the ground is just one of the hurdles faced by entrepreneurs.

 

 

 

It might even be that your idea has launched but you need financial help taking the next steps to grow but have no idea where to turn.

 

 

 

Whether you’re considering setting up shop or looking to expand your business, the world of finance can be difficult to navigate.

 

 

 

To help out, we've called in Yorkshire Bank’s Group Business Banking Director, Gavin Opperman, to answer some of the most popular questions people have about banking.

 

 

 

Q. If a small and medium sized business is looking to expand, how can they best approach banking and finance?

 

 

 

A. Firstly, scan the market from a business perspective and create a well-articulated business plan and strategic intent. Secondly, look at cash flow management, which is where the bank can add an immense amount of value to look at probable outcomes.

 

 

 

Q. How can small and medium sized businesses ensure the business and banking advice they are receiving is relevant to their industry or sector?

 

 

 

A. As a small and medium sized business, it is important to have a broad understanding of the industry your business operates in. At Yorkshire Bank, there are sector specialists that focus on certain areas of business and have a good understanding of industry strategies. With their expertise, they are able to offer the correct funding to businesses in those specific sectors. 

 

Research conducted by YouGov on behalf of the Telegraph and Yorkshire Bank, 2019

 

 

 

 

Q For someone looking to set up a business, what first steps should they take?

 

 

 

A. For budding entrepreneurs or those entering a new market, it’s best to pick up the phone and talk to the bank. New small and medium sized businesses will often have the skills required to succeed, but without the correct advisors or the networks they can tap into, their businesses may miss out on valuable opportunities.

 

Q How can new small and medium sized business es tap into funding to get started?

 

 

 

A. Whether you’re an established or new small and medium sized business, funding is often needed to keep growing.

 

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At Yorkshire Bank, we assess with each customer what level of funding is required and can steer them in the right direction.

 

 

 

Q. Many small and medium sized business es are looking for better banking rates. How can they find this?

 

 

 

A. Interest rates are an important driver for any business. It’s about finding the right product for the need.

 

 

 

Look around the market and consider the total amount of fees associated with the loan. If the fees are too high, ask for a different structure that better suits your business. When making the final decision, weigh up the expertise and interest rate offered by your bank.

 

 

 

Q. Overall service is key for small and medium sized business es when it comes to banking. Where can they go to find this?

 

 

 

A. The relationship model is key for any business, especially banks. Yorkshire Bank aims to understand the geography and market in which small and medium sized businesses operate to better understand the customer proposition and provide better service overall. Small and medium sized businesses play a large role in maintaining the health of the UK economy – and as a bank we take that responsibility on board as well.

 

 

 

     
  • Find financial support to help your business grow with a bank that works for you. Yorkshire Bank has services to keep your business finances on track. Visit ybonline.co.uk/business
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