We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Business expansion funding

Options
LB96
LB96 Posts: 7 Forumite
First Post
I am looking for advice on funding for expanding my business. What type of business loans are out there and what advice do you have with regards to obtaining funding for expansion. I feel I have been searching a lot and everything has mushed into one. So I wanted to get personal opinions on what has or hasn’t worked for people. Thank you in advance 😊

Comments

  • Clive_Woody
    Clive_Woody Posts: 5,937 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Do you have a business plan to show to the lender and accounts from the business showing profits?

    Does the business have assets to secure the loan against?
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • bris
    bris Posts: 10,548 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    if you meet the criteria you could get a bounce back loan.
  • LB96
    LB96 Posts: 7 Forumite
    First Post
    Do you have a business plan to show to the lender and accounts from the business showing profits?

    Does the business have assets to secure the loan against?

    Thanks for your response, I do have a business plan and accounts showing profits. However, I don't have assets to secure against the loan. 
  • MEM62
    MEM62 Posts: 5,312 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 1 July 2020 at 11:44AM
    LB96 said:
    Do you have a business plan to show to the lender and accounts from the business showing profits?

    Does the business have assets to secure the loan against?

    I don't have assets to secure against the loan. 
    That, I think, will be your issue.  Effectively, you are asking the lender to take the risk while you are not taking any yourself.  Does the business have any tangible assets?  What sector is the business in?  
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.