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Will he be able to get a small business loan?
Uniscots97
Posts: 6,687
Forumite
in Loans
I'm asking this on behalf of someone else who is a single parent and on benefits. They had their house repossesed over 8 years ago and is trying to get back to work. They have an idea for a business and have a business plan but need a small amount of capital to get started for equipment. Will the banks entertain him? If so under what conditions?
CC2 = £8687.86 ([STRIKE]£10000[/STRIKE] )CC1 = £0 ([STRIKE]£9983[/STRIKE] ); Reusing shopping bags savings =£5.80 vs spent £1.05.Wine is like opera. You can enjoy it even if you don't understand it and too much can give you a headache the next day J
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Comments
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How much is he looking to borrow?
Is he putting anything into this himself or is he looking to borrow 100%? Is there a possibility of friends or family chipping in if he can't put anything in himself?
Has he prepared a fully costed business plan?
Does he have any outstanding CCJs/ Bad Debts?Gwlad heb iaith, gwlad heb galon0 -
Hi Mark, he's looking to get 5000 (sorry pound sign isn't working). He has a fully costed business plan. He has 500 that he can put forward himself, asking family isn't an option. No debts, no ccj's but he did get his house repossesed 8 years ago.
Do you think the bank will just laugh?CC2 = £8687.86 ([STRIKE]£10000[/STRIKE] )CC1 = £0 ([STRIKE]£9983[/STRIKE] ); Reusing shopping bags savings =£5.80 vs spent £1.05.Wine is like opera. You can enjoy it even if you don't understand it and too much can give you a headache the next day J0 -
It may be worth looking at - try www.bgateway.com for more help (assuming you're in Scotland)Gwlad heb iaith, gwlad heb galon0
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Thanks MarkCC2 = £8687.86 ([STRIKE]£10000[/STRIKE] )CC1 = £0 ([STRIKE]£9983[/STRIKE] ); Reusing shopping bags savings =£5.80 vs spent £1.05.Wine is like opera. You can enjoy it even if you don't understand it and too much can give you a headache the next day J0
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