"Sarah Howard" wrote in message
...

I have just had a call from my bank who have refused to renew my
overdraft facility which my business relies on at various times in the
year. Is there an alternative way of financing my business as this will
have serious impacts on our chances of staying in business?


1. Make sure you know precisely why your bank is declining to renew, and
thus how you will counter that when talking to others.

2. Ensure your business plan (both numbers and narrative) is bang
up-to-date and realistic in the context of current trading conditions. The
fact you only use the facility for parts of the year (presumably a seasonal
business?) may be a point worth emphasising.

3. Shop around the other banks, armed with the info from 1 and 2. Be
smiley and confident - like you're choosing a supplier, not begging.

4. Don't accept a deal unless the overdraft limit is a bit bigger than
you think you'll need.

5. When you get an offer, still try to haggle on terms (arrangement fees,
interest and normal a/c operating fees).

Good luck.

--
Martin