Business Finance

andystephens

Another idea maybe. What if I took out a unsecured personal loan for say 20k, what options would that open up for me?

Mark7799

Preferably from a different lender than one giving you the business finance!

andystephens

Yes I would go through someone else!!! What would I be able to do then?

Bean_Counter

That would put you in a much stronger position to go to any financial institution, if you are looking to borrow say £55K against an initial investment of £20K.

First step is still the business plan. You need to be able to say to the bank this is how much I want to borrow, this is what I want to borrow it for, this is how long I would pay it back over. Of course you can demonstrate that you do need to take any money out of your business for yourself to start with. Don't forget to factor in working capital requirements.

Whilst not being the most imaginative suggestion, you could try your local bank for the business finance. The advantage of this is that you will have a history with them, hopefully a good one! This will give the bank added confidence. Depending on your time scales, you can then shop around for a cheaper deal from somewhere else.

Do the business plan and make an appointment with your local bank. Of course you are not tied to them. They might also give some useful pointers.