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Getting a second start up loan

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Rose123
Rose123 Posts: 397 Forumite
A while back I had a Princes Trust Loan which was successfully paid in full. Sadly, the business had to cease trading soon after due to one reason or the other but at least I dissolved the business after ensuring customers got their orders and I did not own anyone anything.

Thing is, now I want to try and start again but would need a loan for the rest. I have paid in £15,000 myself and would need £7,000. My first point of call was family and friends and no one can lend to me.

I am assuming that the start up loan company will not lend to me again and my bank said no. Does anyone else know of any other way I could raise the capital? I have asked for a call back from the start up loan company to call me back tomorrow so I can ask if they can lend to me as I have a history of paying back in full but wanted to know if anyone else had any other suggestions.

Thanks in advance
Official SOS Club number 014 - Dry until 29.11.09

Comments

  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Is it a viable business you could share with one other? You could go into partnership with somebody else maybe? Or is it just something only you can do?
  • Rose123
    Rose123 Posts: 397 Forumite
    Definitely something that I can share with someone else but the reason why I am slightly reluctant to go into business with someone else is because I can't seem to find anyone to trust. I strongly believe it is a viable business based on market research and company reports and extensive primary research.
    Official SOS Club number 014 - Dry until 29.11.09
  • CKhalvashi
    CKhalvashi Posts: 12,134 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Santander are pushing for new business at the moment, and have said yes to a variety of things that others have said no in recent times.

    What are you thinking of setting up? It may be worth looking into alternative options like asset finance if this is a viable option, as there is at least a loan secured against the asset then.
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  • Rose123
    Rose123 Posts: 397 Forumite
    I am setting up a halal skin care range for babies . I ensured that I kept all my costs extremely low so I do not have any assets that I would be able to secure the loan against. I outsourced when there was an imperative need but I have done as much as I can in house so I do not owe anyone anything.

    The only reason I am even seeking the money is because I did intact initially plan to start the business with someone else but they ran off with £10,000 of my money so I initially did not even need a loan.

    Now as devastated as i am and as much as I am trying to deal with that on the side, the fact still remains that the business is viable and am very keen to get it going.
    Official SOS Club number 014 - Dry until 29.11.09
  • Rose123
    Rose123 Posts: 397 Forumite
    CKhalvashi wrote: »
    Santander are pushing for new business at the moment, and have said yes to a variety of things that others have said no in recent times.

    What are you thinking of setting up? It may be worth looking into alternative options like asset finance if this is a viable option, as there is at least a loan secured against the asset then.

    I am not sure if Santander will touch me because I had a business account with them which is £12 overdrawn and I did not realise and I got a closure letter, so I think that would be a no go for me.
    Official SOS Club number 014 - Dry until 29.11.09
  • CKhalvashi
    CKhalvashi Posts: 12,134 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    The answer may be to attempt to go into business with a supplier, especially if you can find a business that is small and local, and willing to support the idea.

    We have done this with all of our clients, however we're in an industry where this is relatively common, with our company being effectively a stripped back, low cost version of a traditional company in the same sector.

    It may still be worth speaking to Santander, as long as you have paid the £12, however this is completely your choice.

    Beauty products (or the manufacturing of them) are something I know nothing about, so I can't really advise further, sorry :)
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  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Have you tried googling loans for small businesses ?
  • Rose123
    Rose123 Posts: 397 Forumite
    DCFC79 wrote: »
    Have you tried googling loans for small businesses ?

    Yes and a lot of the companies that are coming up are part of the start up loan initiative
    Official SOS Club number 014 - Dry until 29.11.09
  • Rose123
    Rose123 Posts: 397 Forumite
    edited 5 November 2015 at 3:45PM
    Just to update you all, I spoke to the Start Up Loans Company this morning and they have mentioned that I can apply as it's for a new business! i am very pleased!

    Thank you all for responding to my post
    Official SOS Club number 014 - Dry until 29.11.09
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