On Tue, 26 Jan 2010 10:27:07 +0000, Sarah Howard
wrote:


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?


After being nearly driven bust by a bank demanding, without good cause
or reason on my business's behalf, that their overdraft be repaid
immediately in 1986 I resolved never to have an overdraft again. At
that time the bank was in trouble with its South American debts. But
changes in bank manager, head office, economic climate - you name it
and some small business will go to the wall because something happens
that is nothing to do with them.

Beg, borrow (no, don't steal), get a formal set period loan, use
invoice factoring, credit cards, re-issue shares, negotiate with your
suppliers, negotiate with your customers.

You lose ownership of your business with an overdraft.


--
AnthonyL