Business expansion funding

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LB96
LB96 Posts: 7 Forumite
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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 😊

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  • Clive_Woody
    Clive_Woody Posts: 5,855 Forumite
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    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
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    if you meet the criteria you could get a bounce back loan.
  • LB96
    LB96 Posts: 7 Forumite
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    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: 4,754 Forumite
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    edited 1 July 2020 at 11:44AM
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    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?  
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