getting a business loan after bankruptcy

foxx75

I started a business last year and in order for me to progress i really could do with a business loan to help get me started in the right area but I was a bankrupt previously. My Bankruptcy finished over a year and a bit ago but i don't know who i should see about a business loan and if I can even get one! HELP!??

Tixy

I think you will be likely to struggle so recently after your bankruptcy.

Is your business unincorporated or are you trading as a limited company?

What is the loan for? is it anything that the loan could be secured against?
Or do you have any security you could offer to the loan provider?

jonesMUFCforever

Buy a lottery ticket - your odds are better IMO, unless you have security.

poppasmurf_bewdley

The bankruptcy will be on your credit file for six years, so you've four and a half years to go.

I doubt very much if any reputable company will loan you anything. Have you tried your own bank?

foxx75

Tixy wrote: »

I think you will be likely to struggle so recently after your bankruptcy.

Is your business unincorporated or are you trading as a limited company?

What is the loan for? is it anything that the loan could be secured against?
Or do you have any security you could offer to the loan provider?

My bankruptcy finished over a year ago after it's 6 years. The loan would be to get into the shows I need to be in with what I trade in. I'm just a sole trader on my own and the places i need to be are too much for me to afford on my own without the help.

foxx75

poppasmurf_bewdley wrote: »

The bankruptcy will be on your credit file for six years, so you've four and a half years to go.

I doubt very much if any reputable company will loan you anything. Have you tried your own bank?

I've already done my 6 years! It ended a year and a half ago. And just to let people know The bankruptcy was because my supposed husband ran off with my money and left me and our baby to it without any warning.

foxx75

my 6 years is done! It finished a year and a half ago and to put the record straight it was my husband who took my money and left me with a baby and no one knew where he went!

foxx75

jonesMUFCforever wrote: »

Buy a lottery ticket - your odds are better IMO, unless you have security.

I gave way too much!! That's why I'm bankrupt! My husband ran off with all my money and left me with a small baby! It was out the blue and no one saw it coming!! I never intended to be a bankrupt and have always paid my own way!!!

Tixy

When you say your bankruptcy finished a year and a half ago people would generally assume you meant that you were discharged a year and a half ago, and so likely were declared bankrupt 2.5years ago (as most people are discharged after 1 year).

If you mean that the record of your bankruptcy fell off your credit file 1.5years ago then that is a different matter.

How much are you looking to borrow and over what term?

What credit accounts do you have currently? Do you have any? have you started rebuilding your credit file using something like a subprime credit card for example?

k12479

foxx75 wrote: »

The loan would be to get into the shows I need to be in with what I trade in. I'm just a sole trader on my own and the places i need to be are too much for me to afford on my own without the help.

This sounds very risky. Perhaps a better way to proceed for now would be to sell through cheaper channels e.g. online until you can build up some more capital.

worried48

We've done a couple of stalls at events and found that we sold next to nothing. On one occasion we went on a 500 mile round trip and didn't even cover the cost of car parking.