business loan

sass213

So I am taking over and starting a new business towards the end of the year. We have a third of a downpayment, but need to finance for the rest of the amount. Is start up the best option for a business loan? I do not think we are eligible for the bounce back loans due to coronavirus, as we have only been registered since this month, and we have no past accounts. I have my business plan ready, but wondering if start up is the best option

Grumpy_chap

It may be worth investigating the start up loan scheme.

jonesMUFCforever

What happens if you can't get the finance?

bris

A third of the down payment won't be enough. Especially as the down payment seems to suggest it's only part of the cost of the business.

The banks want to know the cost of the entire business, then they would want 30 to 50% of that, usually the higher end, as well as security over their borrowing. This puts any property you have on the line is there if enough equity is in it.

A business plan and a few quid are no longer enough, the days of the local bank manager having a free roll in lending are long gone.