We had the same experience with Natwest. Our events business was doing over £1m in revenue with them, for over three years - and they still turned us down. They seemed completely aware of a recurring revenue model. Insanely frustrating.
I just hopped on the web and Googled 'small business loan' and came across Lloyds. I filled out a random contact form and amazingly they got in touch. I had to prepare a traditional biz plan and present it. Because we bootstrapped the startup and revenues showed constant growth, and I was confident in my pitch, they got back to me next day and said they'd do it. Wasn't easy but it worked.
It does irritate me that the UK government bleat on about making business finance readily available then you end up face to face with the likes of Natwest!.
Reading articles about the startup program in Chile and the building of a tech hub in Portugal I do wonder what happened to the innovation in the UK business sector, if the Startup UK website was anything to go by it's gone.
I just hopped on the web and Googled 'small business loan' and came across Lloyds. I filled out a random contact form and amazingly they got in touch. I had to prepare a traditional biz plan and present it. Because we bootstrapped the startup and revenues showed constant growth, and I was confident in my pitch, they got back to me next day and said they'd do it. Wasn't easy but it worked.