Those of you who have been following this blog will know that i've been awaiting feedback from Bank 2 on my application for Enterprise Finance Guarantee lending.
After Bank 1's rejection, I was pretty much expecting another 'no'.... which is exactly what i've got!
Two reasons were quoted - firstly that it's still early days in terms of sales (despite the fact we've just got in to a big supermarket) and the second - lack of security. Their response on the EFG aspect is very telling...what they told me is that because the scheme involves many restrictions, they are now not looking to lend any funds under the scheme, although they have done in the past.
I've been advised to come back when I have confirmed orders (fair enough, although I already have email confirmation) and alternative security to offer.
And it's the last point that means I could have orders from every large retailer in the country and the soundest business plan known to man - and I still wouldn't be approved.
Head. Wall. Bang.
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