Business Loan with LLoyds With bad personal Credit???

pottsteresa

Hi There just a query and looking for advice before i put lots of effort in to get turnt away.
I have run my own sole trader business for 2 years now, I own my own fishing boat and am a self employed fisherman,
My Turnover wasn't much last year 8k, But mainly as i have been improving my boat slowly as and when i get the money.

I am needing a bit of help /. startup around 5-7000 As i wish to buy a refrigerated van, to sell my own caught fish to various local markets, Whether it be my own fresh caught fish or eve buying in fresh fish when weather is poor to secure all round supply.

I have really bad personal credit from a few mistakes my wife and i made, However this would be a fantastic opportunity for me to expand as a fisherman and widen my income.

Will it be worthwile putting together a business plan and approaching our bank, or will it be a waste of time because of our extremely bad credit?

Thanks in advance

[Deleted User]

put a business plan to them maybe offer the boat as security?

DCFC79

No harm in putting a business plan together, no 1 on here can say whether its worthless or not.

jonesMUFCforever

You have been trading for 2 years - get the figures audited and put in a business plan and try your business manager for a loan.

dealer_wins

As others have said, you need to offer security to get funding, especially as your credit rating is not great.

Either offer your boat, or better still if you own your home offer that as security.

Also make sure you have a decent business plan!