unsercured loans for small business

imasmartie

HELP I WOULD LIKE TO OBTAIN A LOAN to help start a small business, and pay off some excisting debit, BUT I HAVE A LOW CREDIT RATING, and i am finding it very hard, i need a new van to run the business, as the one i have is not big enough,
i live at home with my mom and dad, so dont have anything to secure it against, i will take out insurance, can any one help, or should i give up because i have hit a brick wall, :rolleyes: :rolleyes: :eek: :A :A :A
all replyies are welcome :A :A :A
smartie :rotfl:
smrtie

StevenP_2

imasmartie wrote:

HELP I WOULD LIKE TO OBTAIN A LOAN to help start a small business, and pay off some excisting debit, BUT I HAVE A LOW CREDIT RATING, and i am finding it very hard, i need a new van to run the business, as the one i have is not big enough,
i live at home with my mom and dad, so dont have anything to secure it against, i will take out insurance, can any one help, or should i give up because i have hit a brick wall, :rolleyes: :rolleyes: :eek: :A :A :A
all replyies are welcome :A :A :A
smartie :rotfl:
smrtie

any chance of going to your own bank and talking with a small business advisor ?
or perhaps bank of mum and dad if they trust you etc etc , if youre credit rating is low/bad then you will have trouble getting an unsecured loan , your own bank is your best bet , even then they wont give an unsecured loan if its to start a business but for `car purchase`....

Steve

johannamse

imasmartie wrote:

:or should i give up because i have hit a brick wall, :rolleyes: :rolleyes: :eek:

you won't last long in business with that attitude...

Is you current transport really too small. Business's are VERY expensive things to get off ground. Think before you spend.

Why don't you just save up for a new car?

sertav

A few questions:

1 - How much do you need?

2 - Can you prove business income (ie, client contract)?

3 - Who do you bank with?

DesG

One other point, I doubt the insurance will cover you if you are self emplayed.

Cheers, Des.

imasmartie

yes i can prove the client base , i do bank with natwest although this is a new account,
you may also like to know i run a small greyhound kennel, as well as transport dogs up and down the country, i would be looking to borrow, around 10,000 this would clear some small debits, and pay for a newish van,
[the newer the van the better because of the amount of miles involved]

sertav

I also bank with Natwest and the route I went for was an agreed overdraft facility on the back of proved company income, demonstrated by signed contracts with clients.

The contracts were essential to prove that the overdraft could be repaid.

As a short-term funding solution it's much better, imho, compared to a loan. Have a chat with your biz manager.

I didn't need £10k though!

Just a thought...

Mark7799

A loan would be a better bet than an o/d in the circumstances you describe.

Have you done any sort of business planning and market research to prove the work is out there - essential if any lender is putting faith into you being able to generate repayments to a loan.

Is this going to be your main job or do you have a full time job in addition?

How much are the debts (are these business related?) and how much are you looking for for the van?

Is it feasible to swap your car for an estate car as an alternative?

Just a few thoughts

imasmartie

Firstly let me just thank all of you for your help, one thing i have learned is there is no quick, fix to my problum,
At present, i have a 106, van, which is great, for fuel, but i can only get two greyhounds [fully grown] in the back or 3 pups, if i tell you i purchased the van in febuary his year, [one owner from new] with 67,000 miles, it now has 1,0000 on the clock, you can see i do a lot of miles,
i have done no market rescerch as such i have used personnal experience, from within the greyhound insdustry, and most times of the year, it is well worth it , true i do a lot of hours and miles, but i enjoy it, [i would also like to point out i do deliver other breeds of dogs as well] The transport of dogs from ireland is the main reason for a bigger van it costs around 200, to get over on the ferry depends on time of year] they have sales there for gryhounds all the time, so at 70.00 a dog and 14, cages on is well worth putting myself out, to doit. i would also like to point out i have a friend [a dog trainer that has a contract] that flys over to ireland :beer: :j and buys dogs every month he buys between 6 and 14 dogs, he said he would offer the work to me
when i first started back in may this year, i did keep my full time job, however because of the volume of work at times it was impossible, to keep going without, loosing them down.
so i did pay off a lot of debit that i had incurred, over a long period of time, which is great for me, but it dont leave a lot in the old kitty, money wise. unfortantly, the only loan i have left is one for city bank [yes i know i was brain dead when i took this loan out]
i have found out i owe, just under 4,000 .
the reason for wanting 10,000 is i need to buy a tranist type of van, this would cost around 1,000 to have all the cages fitted, and around 6,000 toget one has high up the reg,s as possible :beer: :j :rotfl: