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Business Loan

Hi there.
I'm a new start up and i'm looking to get financed to start up my business.
What are the best options in terms of finding a good loan that i'm not going to have my pants pulled down.

I looked at the government Start up loan idea, but the reviews are horrendous.

Any guidance will be good.

Comments

  • spadoosh
    spadoosh Posts: 8,732
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    How much do you need and what do you consider having your pants pulled down?

    Unless youre providing a substantial amount of the start up capital you need to expect to jump through a lot of hoops. Theres no track record and presumably no assets. So for all intents and purposes what youll probably be getting is a personal loan (a loan where you specifically are liable as opposed to the business, ie non payment they chase you not a defunct business).
  • CKhalvashi
    CKhalvashi Posts: 12,045
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    The government Startup Loans service is probably the best way to fund your idea unless the amounts you need are too high.

    Some of the delivery partners aren't great where others are, this is likely where the problem is.

    There are rightly hoops to jump through to get access to the funding and you need to be aware that it's a personal loan.
    💙💛 💔
  • bris
    bris Posts: 10,548
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    What do you have to offer? An idea is not enough, they want a house on the line with you putting between 30-50% capital too.


    Long gone are the days when your local bank manager had a funding limit he could give you without authorisation. Now it's a computer that makes most of the decisions. You equity needs to stack up, they need something to claw back from you when it all goes pear shape.
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