6) Create backup plans

It’s good to plan a course of action, but it’s also important to create backup plans. This is especially true when you are working towards your first business loan. If your UK business loan doesn’t go through, what will you do? 

There might be more red tape than you initially thought and not everyone gets approved on their first try. Make sure that if one avenue doesn’t work out, there are other avenues available to you. 


You can always approach investors or seek additional financing from another lender if needed. No matter how prepared you think you are, things happen – so have backup plans in place!

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