Business Loans ??

dave1223

Is it hard to get a business loan? Im not sure how much i would like to borrow but it may be either £10,000 or £20,000

I business bank with Alliance+Leicester

Would these be the best people to go with ?

dannynixon

I would say so. These would be the first people that I would try for a business loan

dave1223

Is it hard to get one though? What do i need to do? Do i need to provide a business plan of how i will pay the money back or is it just a case of applying a bit like a personal loan?

Any advice greatly appreciated. Thanks.

CLAPTON

they will want to be convinced that you will be able to pay the loan back ... so three years of accounts will help but failing that a decent business plan

dave1223

okay i don't have 3 years of accounts. What does a business plan need to consist of?

Any help please the business is car sales. Thanks mate.

dannynixon

What is the current situation of your business? It sounds like you have not started yet and you want to start one up.

dave1223

hi mate,

the business is up & running and doing ok.

I really need more money so i can buy more stock as at the minute i am limited to the amount of stock i can buy.

Thanks

dannynixon

You say you do not have 3 years accounts?

How long have you been running for and can you prove the money your business has made so far. Also ask yourself, would you be able to afford more stock and pay back a loan?

In reply to your first question though, I think it is your bank who you should speak to about a loan.

dave1223

been in business 1 month or so made some gd profits but would like to buy more stock allowing me to hopefully sell more cars per month.

I can only really buy 5 decent cars ATM and would like to buy Around 10-12 Hopefully doubling my profits.

How hard is it too get accepted for a business loan would you say its harder than getting a personal loan? And does it go on credit scores or not?

Thanks

queen_of_leon

make an appointment to see a business adviser. they should be free when you're just starting up. your local council will have a list of those in your area and they can help u do a business plan and tell if there's any grants available to u also.

good luck

sassybooboos

when i needed to get a business loan i had to put up half of what i wanted. eg needed 40,000 so i put up £20,000 myself. also had to have a good business plan which i did myself.

in the business plan i had to put things like, obviously business address, rental costs etc.
how much i bought stock for what i sold for.
what ideas i had for the business in future to make it more profitable.
what experience i had with that type of business.
what i needed loan for.

although you say you have been going for a month i think they will need a good business plan for the amount you want to borrow.