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Need a business loan but got an IVA.

steampunkmic01
steampunkmic01 Posts: 3 Newbie
in Loans
My business has been operational for 2 years, but I now need a business loan to help the business grow. I have an IVA which finishes the beginning of 2016 and can not get a business loan from my own bank. Any ideas as to where I can go to get the loan? I need £5k

Comments

  • MEM62
    MEM62 Posts: 5,153 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    If your own bank won't touch it then you are unlikely to secure a loan from any of the other mainstream institutions. If friends or family can't help then you may not have an option to borrow.
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,928 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Isn't it against the terms of the IVA to take out a loan whilst on the IVA?
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • SeanG79
    SeanG79 Posts: 977 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Whilst you are in an IVA and most likely until 6 years after the date that you entered the IVA, it is improbable that anyone will agree finance for a capital raising loan (business or personal).

    If you have filed 2 sets of accounts for the business and they show sufficient profits and balance sheet (assuming the business is a limited company), you may be able to obtain asset finance but still not a loan for capital/cash raising.
  • SeanG79
    SeanG79 Posts: 977 Forumite
    Part of the Furniture 500 Posts Name Dropper
    poppasmurf_bewdley wrote: »
    Isn't it against the terms of the IVA to take out a loan whilst on the IVA?

    As far as I am aware, you are able to take out finance, but require permission to do so from the administrators of the IVA.
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,928 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    SeanG79 wrote: »
    As far as I am aware, you are able to take out finance, but require permission to do so from the administrators of the IVA.

    Either way, it doesn't seem a sensible idea to take out finance when on an IVA. But I don't think that will matter as I can't see anyone offering you a loan whilst on an IVA.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • SamGR
    SamGR Posts: 55 Forumite
    They will not touch you while in an IVA.

    You will need to speak to your insolvency practitioner.
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