Start Up Loans

yoshiyella

Dear All,

Apologies if this is not in the right part.

I have just started a new small business and have applied for a a new Start Up loan. Filled in an application form.

Any one had any experience or knowledge of the process/likelihood of acceptance.

Applied for a £5000 loan.

Thanks

jonesMUFCforever

Who have you applied to?
Do you have a decent credit file?
Have you put something into the business yourself?

I think you might get the loan, or you might not or they might want more information - who knows - we don't - only the lender can - have you posted the forms?

Arleen

You will have a meeting in person with a business advisor before anything will get approved, make sure to come with a proper business plan that financially stacks. That, and your actual passion for what business you are wanting to start will be the key to acceptance with startup loans, you will also explain exactly why 5k pounds, and where it goes. Also a plan how will you repay the money if the business goes belly up.

yoshiyella

Thanks for the replies.

Have applied to NWES (nwes.org.uk)

The business is registered as a limited company but sadly I have a below par history (on the mend though) though the Start Up loans say that they do a credit check but do not credit score (though we all know there is no credit score).

jonesMUFCforever

A limited company?
So if it goes belly up you could walk away?
I would expect the lender to ask you to guarantee the company loan - do you have something to use as equity?

Arleen

All those types of loans come with personal guarantees, the only exception is when it's called startup loan but it's a personal one, then you don't need personal guarantee as it's already against a person.

yoshiyella

Arleen wrote: »

All those types of loans come with personal guarantees, the only exception is when it's called startup loan but it's a personal one, then you don't need personal guarantee as it's already against a person.

Thanks - least they haven't wasted too much of my time then.