Many nursery operators have to rely heavily on the availability of bank funding, both to pursue a range of expansion opportunities and to meet their day-to-day cash requirements.
As credit markets have tightened, nursery operators have found it increasingly difficult to gain access to the funding that they need. By understanding how banks assess lending opportunities, you can maximise your chances of making a successful application for finance.
Allow a lender to understand your business
As a first step, a lender will want to develop a detailed understanding of your business in order to make an accurate assessment of future trading prospects.
Be prepared to talk about the experience and track record of your key employees, and the culture of the business. As an example, if you are trying to promote a people-focused culture, then a lender will want to see evidence of staff satisfaction as well as motivation to deliver a high quality of care within your settings.
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