New Business loan?

NorthFin

Is there any way a person can get an idea how likely a new business loan application is of being accepted?

If the business plan looks good, and everything is in place, and the person already has a few thousand ready to go. But how likely is a loan for £7K going to be accepted or even £10 as a business loan?

The person's credit file is excellent with nothing negative at all.

DCFC79

Why not speak to a bank manager, maybe the 1 at your own bank.

Tixy

Impossible to say because it will depend on so many unknowns.

Such as
-what industry/trade the business will be operating in (e.g. some trades are specifically excluded by some lenders)
-whether it is a start up or established business
-the purpose of the loan
-whether the financial projections indicate sufficient affordability and that the business would fit the interest cover criteria /covenants etc for the type of trade
-whether the lender believes that the business owners are able to deliver on the business plan and the projected results
etc etc

Where are you planning to approach for the loan - a mainstream bank?

jonesMUFCforever

A lot will depend on how much you are prepared to put in - no lender will take 100% of the risk unless secured on a property.