incka
3rd June 2009, 16:20
Hi.
I'm looking for a business loan in order to acquire a competitor.
The amount would be £6000.
The problem I'm finding is that banks are requring banking data, while I have a business account I haven't been using it much - I know I should be but the facts on the grounds are that most of the companys earnings have been going through paypal or my personal account.
The company has 4 years of accounts with companies house, all show both gross and net profits (before dividends, last two years have been negative after dividends are paid).
Last years net profit was around £11k and gross around £19k on a turnover of around £27k. The year before was about £7k:£16k:£29k.
Is there any bank that would accept my loan application (and quickly) based upon this data or with proof from my personal bank statements. I am happy to personally guarantee the company loan (I had thought of getting a personal loan to fund the business but due to my age and living from dividends rather than a wage this is not really viable).
I'm looking for a business loan in order to acquire a competitor.
The amount would be £6000.
The problem I'm finding is that banks are requring banking data, while I have a business account I haven't been using it much - I know I should be but the facts on the grounds are that most of the companys earnings have been going through paypal or my personal account.
The company has 4 years of accounts with companies house, all show both gross and net profits (before dividends, last two years have been negative after dividends are paid).
Last years net profit was around £11k and gross around £19k on a turnover of around £27k. The year before was about £7k:£16k:£29k.
Is there any bank that would accept my loan application (and quickly) based upon this data or with proof from my personal bank statements. I am happy to personally guarantee the company loan (I had thought of getting a personal loan to fund the business but due to my age and living from dividends rather than a wage this is not really viable).