Firstly, find out whether family or friends could help you. This should be your first port of call, as you can agree to pay the amount back without monthly instalments or interest rates. Do however treat the loan with respect and honor the date you agree to return payment.

If you need to go to a professional body, make sure you do your research to find out which lender is best for you - which lenders offer the best service (for you), competitive rate etc.

You can apply the following questions to research carried out on line, or when speaking with the lender directly:-

1. What types of loans do they offer?
2. Which loan would the lender recommend and why?
3. Does the lender secure loans by assets of the company or by real estate or personal assets?
4. What type or repayments options are available?
5. What criteria are considered when the loan is first submitted? What documentation is required?
6. Are the interest rates and fees negotiable?
7. How long does the process normally take?
8. What other business services does the bank offer?
9. Is online banking available?
10. Find out how the bank will support you, if you take a downturn in your business?
11. What will happen if you miss a payment?
12. Make sure you read and understand all terms and conditions applied to any financial loan – you don’t want to get caught out once you’ve agreed it.