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The importance of understanding small business owners

Published 25/08/2015 09:51:47

We read a great little story the other day, amount a businessman in the USA, Franson Nwaeze, who was looking to get finance in place to start up his own restaurant. He approached his bank and was turned away – despite his skillset, business plan and various other strengths in his proposal. Not it turned out, that even though the bank declined him for a loan for his restaurant, due to the market and lenders’ appetites at the time; they were able to get finance in place to buy a petrol station.

Seizing this opportunity, Franson was able to open up his restaurant, inside (and alongside) the petrol station. By installing seating and the necessary equipment, he was able to turn it into a successful restaurant, which has space for over 1,000 diners.

So why did we want to share this story? Firstly, it is quite a feel good tale, about an entrepreneur overcoming the hurdles which were in his way to reach his goal. But secondly, it does show that sometimes lenders would benefit from spending a bit more time with potential borrowers – by understanding their requirements and their background it might just enable them to better evaluate which proposals are worth supporting, and which ones, like Franson’s initial proposal, might be worth providing finance for in the first place.

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You already know that arranging business finance can be a tricky experience.

We appreciate that your time is precious. With our extensive knowledge of business finance available in today’s SME market we can approach the lending institutions that are right for your business finance needs. You will be saved from the frustration of endless form filling, repeated conversations with numerous lenders, and save you from having to provide each different lender stacks and stacks of information.

Our job is to remove the ever increasing number of hurdles that are put in your path, by arranging business finance or commercial finance for you in a time-saving and more efficient manner.

ASC have been established for over forty years and we have experienced more recessions and ups and downs in the economy then we care to remember. Due to our clear focus on independent businesses and entrepreneurs we have developed a track record which is envied by our competitors. You will deal directly with an experienced Director who has a strong commercial background and real experience enabling him or her to find the business finance which is just right for your business.

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