Guide

What to do if you're refused finance

Introduction

All businesses need money when they're starting up and running, and if you don't have enough money to start or run your business, you could struggle. If you need extra money, you might consider funding from a bank. But what happens if the bank says no?

You could appeal against the bank's decision, but it's likely this won't make a difference. For example, you may have been turned down because your business plan wasn't convincing, or because you don't have a long enough credit history. But even if you can't borrow from the bank, it doesn't have to be the end for your business.

This guide outlines how you can bounce back and set yourself up to get other types of finance, or even reapply for bank finance. And don't worry - there are still other funding options open to you.

Free business start-up support

Access free start-up business support from your local council. Contact them to get one-to-one advice from a business advisor and tailored guidance to develop your business plan.