small business loan?

JoeClark

Hello,

Has anyone considered or taken a small business loan to bump up their FBA business in the early months? We're selling well (have been signed up since June) but we're ready to take it to the next level...but could use funds to push us there. If you have...who can you recommended (or not!)...bank vs private, how hard was it to get, etc?.I also went through Small Business Video for more information but did not find much help there. Most of the responses I received were very cold and I was told to email their info section.

Any help will be appreciated.
Thank you.

Daveahare99

Banks are very risk adverse to small business at the moment. Thats not to say they won't lend but often the terms are less than favourable. E.g. High APR, Blanket lien on assets etc.

A broker will have access to alternative lenders who at the moment are filling the gap left by the banks. They tend to lend on better terms.

That said there is a bit of a misconception around banks and lending for small business. If you have a good track record and credit history a modest sum ( less than £10,000) should not be out of the question.

Hope it helps.

[Deleted User]

Banks usually want to see 2 things, you putting in the same amount and a solid 3 year business plan.

DCFC79

Have you spoken to your bank yet, the 1 where the firms business goes through, best place to start imo.