Business Bank Account

racer_2

Hi all,

I've been working on setting up a social enterprise for a while and in order to obtain the funding we need and for other reasons we had to register as a company. There are three directors and we all have poor credit ratings and one is not on the electoral register. We have been refused a co-op community account (that allows social enterprises/limited companies) and I presume this will be the same all over particually with the electoral register problem. He has applied to get on the roll but it takes time and we need the account urgently.

I don't want to apply all over as I know this will make matters worse. We don't need any credit facilities just somewhere to pay cheques in and out and accept the funding we have aready obtained. Is there any account that might allow us or does anyone have advice?

Thanks,

Sarah

P.s Apologies if I'm in the wrong section/thread!

zfrl

If you have £5000 or short term access to this amount I would suggest the Nationwide Business Investor account. It can be quite difficult to find out about but we use it for our social club funds & as a business account. You get a cheque book, no overdraft though, but decent interest rate & no charges (unless you use the facilities more than X) - can't remember exact details..

racer_2

Thanks for that but unfortunately I don't have access to that amount. Only have about £1800 so far. If we are able to obtain that amount, do you know if a credit check will be carried out?

zfrl

I'm not sure - have a look on their website or pick up a leaflet (you might have to ask for it) at a branch.

racer_2

Ok thanks. Couldn't see it on the website so I'll pick up a leaflet.

Does anyone else have any suggestions for an a/c?