Step 8: Business Manager explains the decision
Find out what comes next once you have your finance decision. And take a look at how the Barclays Business Support Team might be able to help your business develop in the future.
The next steps: what to do if your finance application is not successful
It’s in everyone’s interest that we make the right decision about business finance, and it’s an unfortunate fact that we can't approve all applications for business finance.
If your lending application isn't initially accepted, don't be concerned. It may just be that at this moment in time your business isn't ready to take on more finance.
And if your application is turned down, it won’t count against your business if you decide to reapply in the future – your Barclays Business Manager will simply continue working with you to help your business develop.
There are plenty of simple steps that you can take to get your business ready and improve your chances of success in the future:
- When your Barclays Business Manager discusses the outcome of your lending application, they will be able to explain why you were not successful this time.
- Ask a credit reference agency for a copy of your credit history to check it’s accurate.
- If you have outstanding debts, arrange a repayment programme with your creditor. Once it has been repaid, request a copy of the Notice of Satisfaction and ask for your credit history to be updated.
- Balance the level of capital, equity and debt in your business – aim for lower debt and higher equity levels.
- Structure your debt so that your cashflow covers all your commitments.
- Ensure loan payments are made on time and you keep within agreed overdraft limits.
- Pay company credit cards and invoices on time.
- Look into ways you can provide security to cover your borrowing.
For further information on any of the above, speak to you Barclays Business Manager.
Barclays Business Support Team is here to help
If you need assistance to get your business back on track, our Business Support Team can help. Your Barclays Business Manager may recommend that one of our regional teams meet with you and look at options – other than further finance – that could help your business develop.
Our teams work with businesses all over the country to help them through difficult circumstances. They identify early warning signs and work directly with customers to return them to a firm and sustainable financial footing.
8-step guide to a successful application
Existing Barclays customer?
View our range of loans online
Apply for a loan with one of our consultants
New to Barclays?
See our Business current accounts
Apply online for a Business current account
1. Lines are open Monday to Friday, 8am–7pm. To maintain a quality service, we may monitor and record phone calls. Read our call charges and information
2. Lines open Monday to Friday, 8am–8pm. To maintain a quality service, we may monitor and record phone calls. Read our call charges and information
3. The Lending Code. Barclays Bank PLC is authorised and regulated by the Financial Services Authority ('FSA'). In respect of lending not regulated by the FSA under its Mortgage Conduct of Business sourcebook, Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. The Lending Code sets minimum standards of good practice when dealing with certain customers in the UK in relation to loans, current account overdrafts, charge cards and credit cards. Further details can be found at: Lending Standards Board