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Business loan
RomfordNavy
Posts: 822 Forumite
Not completely sure if this is the right forum but open to recommendations where to post elsewhere.
Can anyone suggest a reputable provider for a £50k Business loan?
Our bank, Santander, apparently doesn't offer busines loans at the moment. Also have tried Funding Circle but they didn't like the fact that our bank account is a partnership account but business operates as a sole-trader.
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Most banks will. If they will lend personally to you is another question. Is your personal banking also with Santander? If not you could try them, NatWest will do loans up to £100k and plenty more options in-between.
Why do you have a partnership account for a sole trader activities? They may not be the only ones that dont like the mismatch between your claimed legal structure and your banking arrangements.1 -
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For a business loan, you will need to provide personal guarantees. Do you have equity that can be used as security?RomfordNavy said:Not completely sure if this is the right forum but open to recommendations where to post elsewhere.Can anyone suggest a reputable provider for a £50k Business loan?Our bank, Santander, apparently doesn't offer busines loans at the moment. Also have tried Funding Circle but they didn't like the fact that our bank account is a partnership account but business operates as a sole-trader.
Why do you have a Partnership account for a Sole-Trader business?0 -
Reason it is a partnership account is just how the history happened. Originally there were the previous owners, they then incorporated the new owner and all operated as a partnership. They then stepped down completely leaving only the new (current) Sole-Trader but business just kept operating from the partnership bank account. Has been like this for the past ten years, until recently none of us realised that there were different types of bank account for sole-traver vs partnership..
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They are a sole trader so no "personal guarantee" required because they are personally are taking the loan.Grumpy_chap said:
For a business loan, you will need to provide personal guarantees. Do you have equity that can be used as security?RomfordNavy said:Not completely sure if this is the right forum but open to recommendations where to post elsewhere.Can anyone suggest a reputable provider for a £50k Business loan?Our bank, Santander, apparently doesn't offer busines loans at the moment. Also have tried Funding Circle but they didn't like the fact that our bank account is a partnership account but business operates as a sole-trader.
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For a loan of that size a suitable charge may be required.DullGreyGuy said:
They are a sole trader so no "personal guarantee" required because they are personally are taking the loan.Grumpy_chap said:
For a business loan, you will need to provide personal guarantees. Do you have equity that can be used as security?RomfordNavy said:Not completely sure if this is the right forum but open to recommendations where to post elsewhere.Can anyone suggest a reputable provider for a £50k Business loan?Our bank, Santander, apparently doesn't offer busines loans at the moment. Also have tried Funding Circle but they didn't like the fact that our bank account is a partnership account but business operates as a sole-trader.1 -
Potentially, but as a sole trader there are still no personal guarantees as there is no seperation of the business and the natural person. Obviously what a bank may require will depend on the OP's financial position and history, I have been offered loans larger that what the OP is looking for without being required to put up collateral or have a charge placed on anything.Hoenir said:
For a loan of that size a suitable charge may be required.DullGreyGuy said:
They are a sole trader so no "personal guarantee" required because they are personally are taking the loan.Grumpy_chap said:
For a business loan, you will need to provide personal guarantees. Do you have equity that can be used as security?RomfordNavy said:Not completely sure if this is the right forum but open to recommendations where to post elsewhere.Can anyone suggest a reputable provider for a £50k Business loan?Our bank, Santander, apparently doesn't offer busines loans at the moment. Also have tried Funding Circle but they didn't like the fact that our bank account is a partnership account but business operates as a sole-trader.0 -
Anyone have experience of https://www.lovefinance.co.uk, are they a reputable company?0
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