Business Loan

DavidPom

Ok a little help is needed here.

I am 20, i just applied for a business loan of £12,000 at Natwest.
The business plan went down well and the Business Manager agreed to give me a loan.

I was declined from a lack of credit rating, from being too young basically.

Now i have the issue of i have 2 weeks tops to get a loan before i loose my offices that are being held for me. (They go back on the market)

My question is:
1. Will all banks decline me?
2. What other options do i have other than a loan from the bank?

Thanks in advance

DavidPom

Just discovered this company: capitalise.org
But their rate is 15.75%! OUCH

If anyone can find better that would be great

jonesMUFCforever

Do you have anything to put into the venture yourself and or can offer security?

DavidPom

No i do not. Being so young has its problems

But that was not the problem with Natwest they were more than happy to lend but the lack of a credit rating let it down.

jonesMUFCforever

DavidPom wrote: »

No i do not. Being so young has its problems

But that was not the problem with Natwest they were more than happy to lend but the lack of a credit rating let it down.

You are contradicting yourself there aren't you?

I would be happy to lend but how do I know that I will get my money back?

DavidPom

Let me explain.
I don't have any money to put in the venture myself or any security.
What i do have is a large list of existing clients which then covers all outgoings, such as loan repayments and the rent of the office.

All new clients will then cover my personal outgoings and profit.

jonesMUFCforever

I'm afraid clients come and go - there is no guarantee that they will stay with you or worse pay you.

DavidPom

They are all contracted and most have standing order retainers setup with my bank account. So im pretty safe.

Anderson12

Hi friends, Payday Loans provides online Payday Loan services with no fax required. Just fill out the online form and the money reaches your account within 24 hours.

ILW

DavidPom wrote: »

Ok a little help is needed here.

I am 20, i just applied for a business loan of £12,000 at Natwest.
The business plan went down well and the Business Manager agreed to give me a loan.

I was declined from a lack of credit rating, from being too young basically.

Now i have the issue of i have 2 weeks tops to get a loan before i loose my offices that are being held for me. (They go back on the market)

My question is:
1. Will all banks decline me?
2. What other options do i have other than a loan from the bank?

Thanks in advance

Why not go for offices that offer a monthly rental, with just 1 or 2 months deposit, build up enough retained profit to then go for the more expensive premises.

tjharrop

I'm a self employed web designer and I just work from home/client's offices. Saves a fortune. I used to think you had to have an office too but you don't, you just need to go in to "work mode" when it's work time!