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Small loan for business start up needed?
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chelskigirl
Posts: 6 Forumite
in Loans
Hi, my husband & I are trying to set up a new business, we only need £1000 at the most(I say only as it's a small amount in the great scheme of things, but huge when you have'nt got it!!).
Tha trouble is we have a poor credit raing & have been turned down by our bank & a couple of internet loan companies & I don't want to make it worse by having loads of turn downs on our record.
So does anyone know of any other avenues to try please?
Thankyou.
Tha trouble is we have a poor credit raing & have been turned down by our bank & a couple of internet loan companies & I don't want to make it worse by having loads of turn downs on our record.
So does anyone know of any other avenues to try please?
Thankyou.
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Comments
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You would probably get a better response from the small business forum to be honest.
Have you been applying for personal loans or business loans?
Have you looked to see if there are any grants available?
Are you going to be sole traders? ltd company? partnership? LLP?
https://www.businesslink.gov.uk has some good info for small businesses including getting startup financeAll posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
No Advertising or Links in Signatures by Site Rules - MSE Forum Team 20 -
As previous poster suggested Business Link or similar will help you.
What you will need before anybody loans you money is a Business Plan.
You may be able to get a grant from Business Link but if you borrow from the bank you will probably have to have a personal guarantee, which they may not be too keen about if you have a poor credit history.0 -
What are you going to spend the £1k on? Not that we want to steal your idea, but is it stock to sell, machinery, raw materials?
Is it things you can get cheaper elsewhere?
Exactly £1000 doesn't sound like a business plan, i would expect it to be less of a round number!Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0 -
With all due respect, are you really that confident of your ability to generate cash quickly enough.
A thousand pounds isn't that much, as you rightly say, but if you don't have that to hand, what are you going to live on while the thousand you borrow turns a profit? And will it really be that big a profit? And quick enough to keep you fed, clothed and warm? Have you tested your plan against
1. Sales being half what you expect for the first 6 months?
2. Your biggest client not paying you for two months? And then not at all?
3. Your supplier blaming exchange rates and upping the cost of your stock by 25%
Better know where your gloves are BEFORE going putting your hands in the oven!
Don't want to go raining on any parade, here, but I'm in business - ok - much more capital deployed than a thousand pounds, and I'd wonder what I'd be able to do if I was down to my last thousand!
H0
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