Business loan

Mattman64

Hello,

I am looking to start a small (500sqft) bar/club in my local area. Already have a great deal of interest from people in my area.

I have already negotiated a lease plus a rent free period. But im looking for a unsecured loan to do a refurbishment of the property.

I have already lined up some good reasonable priced labourers for the job.

I have calculated that worst case scenario, I would need £10,000, for the refurbishment. I already have a gurantoor for the drinks inventory. I already have license and insurance sorted. I just need the £10,000 and the business would be ready to start making money soon. I intend to operate the bar as a limited company.

Does anyone have any advice on the best bank to get the loan of £10,000?

I have a post-graduate business school qualification (MSc Finance), which may help me get the loan.

My credit rating is good.

I finished this course fairly recently. Looking to get the project off the ground asap.

Any information would be greatly appreciated.


thank you

Mattman

Mark7799

Are you working elsewhere?
Do you have any funds to put toward this project?
Have you done any written business plans yet?

These (among others) are things the Banks will want to know and will be considered a greater factor than your degree.

Emmzi

Bars are notorious for losing money hand over fist unless you really know what you are doing. I lost count of how many went into receivership from my banking clients.

How about managing a bar for a brewery first? That way you'll get all the H&S training you need, and also have an 'in' to discuss brewery funding.

As a former banker, I would never have lent to you if you had no experience. Well.. for a window cleaning business, yes. For a bar, no way.

OTOH you may have a family history in this business?