New business start up loan

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Original Message Added : 27 Mar 2012

I've found a premises to use as a car tyre shop selling new and part worn tyres. Where/who is the best place to approach for a new biz start up loan ? Bank ? other ?

I'm not a home owner but my credit history is pretty good, i was going to get a loan of 30,000 over a ten year period, would this be a viable loan agreement ?

Thanks.

Russell Waller

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	Russell Waller from Wirral Carpet Care
Location :	Wirral
Joined :	06 October 2010
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Posts :	12 ( 1)

Reply : 27 Mar 2012

Hi

i would recomend your bank firstly because if you have been good with them then they might have a good deal on a business loan for you, and if you have a business account with them they will see how and what repayments you can make, but it also helps to have a business plan, do you have one if not drop us an email we have a business plan template you can use, services@pgdbs.co.uk

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	Peiter Wallace-Docherty from PGD Business Services
Location :	Coventry
Joined :	01 March 2012
About :	Simplfying Business Needs
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Reply : 28 Mar 2012

We have a customer personally bank with HSBC and opened a restaurant. He does not have his own house and his earnings is not much. He managed to get a business loan for £30K. They are looking for business plan with good financial forecast

Hope it helps

Harry Lee

SC Lee Accountant

hlee@scleeaccountant.com

02088962978/ 07910237546

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	Harry Lee from SC Lee Accountant
Location :	Purley
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Reply : 29 Mar 2012 - (Edited : 30 Mar 2012)

The purpose of the loan is important as generally the term of loan should reflect the life of the asset which may may mean consideration of specific asset financing for a shorter term as well as longer term finance if considering purchasing a lease for example.You will then not be in the position of having loans outstanding when the related asset is past its useful economic life.

We have lists of organisations offerring different types of finance e.g.banking finance,trade finance,property finance,invoice discounting,bridging finance,venture capital and leasing.

Chris Whiteley 07790-816592 Info@Clientspal.com

Offices in most UK cities

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	Chris Whiteley from Prometheus Accountants Ltd
Location :	Manchester
Joined :	05 April 2011
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Reply : 30 Mar 2012

Hi

Unless banks have changed thier minds they won't give loans to tenants for £20,000 and above. I was told this by a few just a couple of years ago much things may of changed.

R J

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	Ruth James from R J Cleaning & Maintenance
Location :	St. Austell
Joined :	28 February 2008
About :	A local person offering a local service
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Posts :	9 ( 1)

Reply : 5 Apr 2012

Your bank would be the preferred and possibly only option for a non-homeowner with a new start up business and therefore no proof of income.

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	Steve Pollard from More4 Loans
Location :	Rotherham
Joined :	01 February 2008
About :	UK Secured loan and bridging loan broker
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Posts :	16 ( 3)

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