Barclays Business Loan???

streetfast

Hi,

Recently I have been posting requesting information regarding a business loan.

Today I had a meeting with Barclays to discuss a business account and business investment (which I need). I must add I tried Barclays as I have heard good things plus I have just got a C/C from them - so I am already financially linked. (I sell kitchen appliances by the way).

I am after a loan for anything over and above £4,000. The business manager noticed I had £6,700 invested in the business and since I had proposed £7,000 (always go over what you want) he would try and get me that much as an investment (match what I invested).

I have 2 vans @ £5,000 market value assests, I am not a homeowner. I was able to produce sales average of £7,000 PCM (the peak being £10,289 and most consistant being £6,000). I have been operating since Feburary 2009.

The problem is I invested in a couple of vans and large business premises prematurely, taking up money that should have been used for stock. I need basically to get stock in as I am low and having to turn business away.

The business is a one man band, that being me, and I need more stock levels. The contracts are obtained, the business plan is pretty solid the problem is I cannot meet demand and also my credit report is pretty pants (due to searches and not on electrol role!!!).

My question is, what are barclays likely to base their decision on and how can I influence it more? The business manager was very impressed (quote) and will push for the funding, its 50% possible, but how do I make that a more pleasing figure like 100%?? I have made a lot of progress and started the business on £700.

Many Thanks

never-in-doubt

Hi

Have you considered invoice finance? i.e. the bank lends you a % of guaranteed invoicing and deducts it when the invoice is paid?

Just an afterthought which would mean you don't have to turn business away....

http://www.barclays.co.uk/asset-sales-finance/sales-finance.htm

Good Luck and remember to let us know how you get on.....

streetfast

Hi

Many thanks for your reply.I am unfamiliar with the method proposed. I have just had a quick read through, seems an alternative method, I suppose I can talk to the guy from barclays about this should I get rejected for the inital loan.

Thanks for your help, I will know about the loan by tues I think. The guy dealing with it is very egar, I take this as a good sign.

I must say I am impressed with Barclays. They called me same day as enquiry and after meeting the manager to process the paper work he called me twice after trying to sort out a few things - so he seems keen. Positive??

Many Thanks