business loans with bad credit history

jules1973

Hi, My husband wants to go into business with two other people. Problem is our credit history is not very good. (have just started dmp). If the other two people have excellent credit records would my history affect the whole company's ability to get a business bank account or so forth.

Would I not be able to be a full partner. We may not need to access loans to fund business

Any advice appreciated.

leveller2911

With regards to business loans I think all banks have stopped throwing money around and they will want to see how much money your willing to contribute to the business.Banks are very cautious at present. Don't take this the wrong way but if your starting a DMP are you in a position to start a business?, many businesses have to wait around 30 days or so from invoice date to get paid so you will need some funds to tide you over.


If you can get the business up and running and get through the hard times then thats a bonus and you will be in a good position when the economy picks up.What type of business are you wanting to start?
Don't forget to contact HMRC and NI office and notify them that you are starting a business.As for any grants available to small business ,you can forget it theres very little money in the system, hopefully the Condems pull their fingers out there as*es and start promoting and funding small businesses......

Ive run my business from a personal account for over 20 years, business account are expensive after the first 12-18 months they load on the charges.My Bank asked me to change to a business account but I wasn't happy with it so I told them to change it back, which they did with no problems.

jules1973

It is a training company. My husband and I already work as trainers so have loads of equipment. We will need min amount of stuff so will probably not need loans. There are two other people going into business so we would be willing to sit back and let them take charge.

paulwf

Is a three way partnership in a business likely to work? Potentially it could but you need to be very careful about getting the legal structure in place. I prefer to see a company with 1 or 2 people in charge as it gives the business more focus and direction...if your husband is willing to sit back and let others take control perhaps he should be an employee rather than director which would keep things simple?

jules1973

That would probably work better anyway. He isn't bothered about being in charge. Thanks for the advice.