Debt is a necessary part of business life. There are very few organisations that can boast being entirely self funding. Sooner or later every business comes up against cash flow changes or development opportunities that necessitate access to additional funds - whether that's a change of premises, state-of-the-art technology or overdraft finance to cover a short fall in projected sales.

Getting the right advice and securing the right solution for your business is essential and can have far reaching implications - especially if you get it wrong. There are thousands of lenders in the market place, including all the traditional high street banks and building societies as well and specialist lenders and financial institutions. Terminology and product names can change from one institution to the other leaving a dizzying array of options often resulting in more questions than answers.

When people refer to conventional debt in a business context they are referring to one of three things...

• Overdraft
• Business Term Loan (AKA Flexible Loan or Commercial Loan)
• Credit Card

These finance options are usually the ones that first spring to mind when you consider how best to gain access to additional funds. The first two are very common and are usually relatively easy to organise however this doesn't mean they are the correct solution for your needs. It is important to speak to a finance professional to accurately assess your requirements and find the best solution amongst the myriad of funding possibilities that exist.

If your business is a start-up or young company then you may find access to funding particularly challenging. It's possible that you won't have security to offer traditional lenders. As a result the fourth option to explore is...

• Small Firms Loan Guarantee Scheme