The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
Starting out on your own in business is not always easy. That’s why Britain’s banks are working closely with business angel networks, community finance institutions and the Start-Up Loans Company, a Government-backed initiative.
High Street Banks
Barclays: Every other working minute a new business opens an account with us. That’s because we offer much more than you’d expect from a new business account. Read more
HSBC: Starting a business? We’ll help make it easier. Reduce start-up costs with 18 months free business banking. Free business planning tools. Award-winning service and online banking. Read more
Lloyds: Business Account for start-ups. We understand how daunting starting your own business can be, that’s why we’ll give you a named manager to support you, a range of free guidance services to get you off on the right foot, and 18 months free* day-to-day banking; so you can spend less time worrying about your banking and more time building your business. Read more
Royal Bank of Scotland: At RBS we understand the challenges that new businesses face in tough economic times. And we’re committed to helping you achieve your ambitions and provide the practical tools you need to plan, run and promote your business. Read more
Santander: When you’re starting out in business, the last thing you want to be worried about is your current account. So we’ve made it simple for you – you pay nothing for day-to-day banking for up to 18 months. Read more
The Start Up Loans Company
The Start Up Loans Company is a government-funded initiative to help provide finance to and mentor young entrepreneurs. They will work with you to develop your idea, and then help you present it to a panel to pitch for a low-cost unsecured loan, business mentoring and a range of business products. The average amount lent is around £4,500, which you’ll need to repay within 5 years at a fixed-rate of interest – currently 6 per cent.
The UK Business Angels Association (UKBAA) represents around 100 organisations including the vast majority of business angel networks across the UK, more than 20 early stage venture capital funds and professional service providers and advisers including accountancy and law firms, corporate finance, banks, regional development agencies, universities and public policy‐makers. They are mostly interested at high growth businesses.
Community Development Finance Institutions (CDFIs)
CDFIs are social enterprises that support deprived and undeserved areas by providing affordable finance where it is needed the most.
Before approaching a lender you should consider the following questions. They are the four questions a lender is most likely to ask and will influence the success of your application.
Your business plan should contain the answers you need.
As you begin to approach potential lenders, it is important to consider what you might be asked and properly research what you will need. It is often helpful to talk through your plans. If you know you want to apply for funding but are unsure about the next steps there are many professional and business organisations that can outline and discuss your options. You could also consider approaching a mentor via the Mentorsme network.
The Financial Reporting Council (FRC) has been looking at how best to rationalise some of the audit guidelines in place by better integrating the guidance into the auditing standards themselves. Read More
Mike Conroy, BBA, Executive Director, Corporate and Commercial Banking said: “The first quarter of this year saw an upturn in applications for loans and overdrafts from SMEs, although volumes were Read More
Ian Jordan, Chair of the BBA’s Northern Ireland committee, said of the latest data: “The first quarter of the year saw an increased number of SME loan applications, leading to Read More