Business Loans ??

queen_of_leon

you've got to remember though that the banks still want to invest in new businesses but they have to look at all the pros and cons.
they are more likely to a back a proposal that's been but forward by a professional team...ie a business advisor. the fact that u have 10k of your own is a great start...the fact that u've only been trading a month is not.
i would see a business advisor ASAP

best of luck...and keep us updated!!

queen_of_leon

dave1223 wrote: »

I am already using the 10k.

just noticed u posted this

in that case...u need to think again. but i'd still recommend u seek professional advice

dave1223

well i've not been 100% honest the 10k is from a personal loan i had for 8k. It has built up to 10k

I owe 7k on it and could pay it off leaving me with 10k

But like i said i am already using the 10k to buy cars

If i had 20k i would be able to make more money.

I am listening to all of your advise

How much would a business advisor cost? Where do i find one?

Thanks appreciate your time/efforts

jonesMUFCforever

Give up Dave your figures are all over the place.

First you tell you have £10k now you say well you do have £10k but also a debt of £7k so really you have £3k not £10k or have I missed something?

If you had £20k ie a loan you would have no actual money but a debt of £20k.

Really if you don't have the nouns to get information for yourself you will not be trading the other side of Christmas.

dave1223

Sorry mate... its just me im little dense to say the least...i am in debt 7k i have 3k

If i pay the personal loan off tommorrow it will leave me with 3k

Why would i not be able to get a business loan. I have a business account and the lady at A+L was quite eager to put an application through for a business loan .. all i did was ask her if they did business loans and she was reaching for her keyboard asking if i wanted to go ahead and apply?

Is it just like applying for a personal loan i.e does it go on credit scores?

I can pay the 7k off and apply for 20k Its not that much really is it?

sassybooboos

its nothing like applying for a personal loan. the bank will want to see that you will be able to pay it back. that the business will be successful.

i dont mean to sound rude but.

your not good with figures
your trying to run before you can walk with your business, and you have only got to have a bad month and you will end up in the smelly stuff.
It is a fact that all new businesses if they are going to fail, will do so within the first 2 years.
Have you sorted out paying your tax and ni?
Have you got an accountant?

You dont sound as if you have thought this through properly. Maybe the good months money you have made is blinding you slightly.

You definately need a good business plan to take to the bank else they will just laugh you out the door.
I went to the bank to get a business loan 3 yrs ago and they basically said i needed to put up half and needed business plan.

I did what they said and i got the loan but i had a lot of help from people.
And i had worked in the business for 8 yrs.

how old are you if your 30 or under the princes trust can help you?

queen_of_leon

[How much would a business advisor cost? Where do i find one?]


your local council will have details and if you've just started up they should be free. go to your local govt website...
our lot's quite friendly!!

dave1223

I think some of you are being cheeky little b*stards

Stop with the insults. All i want is advice with getting a business loan

Of course i pay NI and Tax And of course i have an accountant. If you want i will come and slap your face sassybooboos you cheeky !!!!-hole

kandi_2

Hi. I got a £25,000, unsecured business loan through the HSBC after just 6 months of trading as a partnership.
We didn't have to do a business plan - we just filled in a form in the branch and a few days later the money was ours!

Beware though....

This was a year ago and although at the time the banker said we'd be able to pay the loan back and we might have to pay 1 extra months interest...
We've asked for a settlement figure to pay the loan off early and they're asking for over £35,000 !

Turns out they calculated the repayments by working out the loan sum plus the interest and then dividing it up over the term (in our case... 10 years).

Please..... don't believe everything they say and check the small print !!!

jonesMUFCforever

dave1223 wrote: »

I think some of you are being cheeky little b*stards

Stop with the insults. All i want is advice with getting a business loan

Of course i pay NI and Tax And of course i have an accountant. If you want i will come and slap your face sassybooboos you cheeky !!!!-hole

Respectfully Dave you should be asking your accountant these questions about business loans and plans. That is partially what you pay him for.