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Business loans for new company start up
Comments
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BritishBronco wrote: »Assuming the following, what would be my chances:
1. The debt I have is paid off in full with supporting documentation
2. I can demonstrate to the bank manager a successful track record over the last 4 years of what I've done
3. I go with a BFA approved franchise that has over 30 franchisees in the UK all making 6 figures
3. I have 50% of the capital - 25kGBP
I ask them to loan me the other 50%/25kGBP?
Your wanting a lender to trust you with a huge chunk of money when you have 2 defaults on your credit file.
I can't see it happening myself.
BTW what's the franchise ?0 -
My story is basically
I have 12 years experience in my consulting field
In 2011 my girlfriend fell pregnant and we basically had nothing, no house, no assets
We moved overseas when the baby was 2 months old
Since then I've saved 50 grand, bought a house, had another baby and have zero debt in the country I'm in
I've also generated over 4 million dollars in sales from my services in those years
Basically made some poor choices, rectified them, track record in delivering revenue, putting up some of my own.0 -
My question is, do I have a chance? I can present a compelling case to a bank manager so I have a chance or is it an absolute non starter.0
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I would go off and earn lots of commission for a year and then do it without a loan. You are a flight risk as well as a defualter which does not look good.2021 GC £1365.71/ £24000
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BritishBronco wrote: »My question is, do I have a chance? I can present a compelling case to a bank manager so I have a chance or is it an absolute non starter.
Bank managers rely on computer says yes/no and normally have no authority to override.
Why not make an appointment with a business manager at a bank to see?0
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