Im looking for small business funding?

[Big Mix DJ]

Hi to all UKBF forum members.

Im starting a Mobile Disco service and was wondering how to go about getting the start up finance as I have approached one bank so far and due to my credit rating they will not loan.

I have a business plan and Ive virtually ran a mobile disco before and would really like to make my own business a reality. My plan is to run a professional mobile disco service to the northamptonshire and warwickshire area my website can be found here bigmix-mobiledisco.com however it's in it's early stages of developement as eventually within the next month or two it will be fully interactive.

I'm looking to raise around £4,500, if anyone has any ideas I'd love to hear from you.

Kind Regards
Darren

[Rachel Hoptat]

Hi to all UKBF forum members.

Im starting a Mobile Disco service and was wondering how to go about getting the start up finance as I have approached one bank so far and due to my credit rating they will not loan.

I have a business plan and Ive virtually ran a mobile disco before and would really like to make my own business a reality. My plan is to run a professional mobile disco service to the northamptonshire and warwickshire area my website can be found here bigmix-mobiledisco.com however it's in it's early stages of developement as eventually within the next month or two it will be fully interactive.

I'm looking to raise around £4,500, if anyone has any ideas I'd love to hear from you.

Kind Regards
Darren



Save money.?

[Big Mix DJ]

Save money.?

Isn't the point of business funding help to secure a business finance start-up solution?

I understand what you are saying however this is not an option otherwise i woudn't of asked ;)

[wizzard]

Isn't the point of business funding help to secure a business finance start-up solution?

I understand what you are saying however this is not an option otherwise i woudn't of asked ;)

There is more than one bank on the high street approach the others and see how you get on.

[saxondale]

you need a product - tell them you record the shows and sell them on line

[Gillie]

Hi to all UKBF forum members.

Im starting a Mobile Disco service and was wondering how to go about getting the start up finance as I have approached one bank so far and due to my credit rating they will not loan.

I have a business plan and Ive virtually ran a mobile disco before and would really like to make my own business a reality. My plan is to run a professional mobile disco service to the northamptonshire and warwickshire area my website can be found here bigmix-mobiledisco.com however it's in it's early stages of developement as eventually within the next month or two it will be fully interactive.

I'm looking to raise around £4,500, if anyone has any ideas I'd love to hear from you.

Kind Regards
Darren

Was it the bank you currently have an account with? Did you make an appointment and talk to someone or do it online? Which bank was it? And bad credit rating? How bad?? CCJ's/defaults ??

[Big Mix DJ]

Was it the bank you currently have an account with? Did you make an appointment and talk to someone or do it online? Which bank was it? And bad credit rating? How bad?? CCJ's/defaults ??

Yes 2 small CCJ's unfortunatly and 2 defaults.
I applyed online with the Alliance and Leicester bank and Ive visited a business manager at Natwest which is still being processed.

However he feels the lending mite not happen although he said he would do his best. It's so difficult, I know once I have the equipment and the finance to get it I can get gigs almost instantly.

[Gillie]

Ok, as I was enjoying my Thursday night entertainment with my kids, but got a message suggesting I come read .. here I am!

You don't say if either the Alliance or Natwest are your present personal bank?

And applying to lots of banks will further reduce your chances of getting a loan! Too many blemishes with people saying no, merely says to new lenders that you are a risk.

Ouch though, 2 CCJ's and 2 defaults - defaults being looked upon worse than CCJ's as it shows a tendancy to pay late, something of course, bank don't want or need, all indications that you are a big risk to them.

Does it show on your credit history that you are making payments against the CCJ's?

Don't suppose you have a partner/parent/relation who could either apply in their name (ie got good credit) or stand surety for you?

I know you are not looking for a lot, but anything at the moment is triple checked, therefore have you thought about leasing the equipment? Again though you will have issues as you are a start up with no trading history and no accounts to back you up.

[Big Mix DJ]

Ok, as I was enjoying my Thursday night entertainment with my kids, but got a message suggesting I come read .. here I am!

You don't say if either the Alliance or Natwest are your present personal bank?

And applying to lots of banks will further reduce your chances of getting a loan! Too many blemishes with people saying no, merely says to new lenders that you are a risk.

Ouch though, 2 CCJ's and 2 defaults - defaults being looked upon worse than CCJ's as it shows a tendancy to pay late, something of course, bank don't want or need, all indications that you are a big risk to them.

Does it show on your credit history that you are making payments against the CCJ's?

Don't suppose you have a partner/parent/relation who could either apply in their name (ie got good credit) or stand surety for you?

I know you are not looking for a lot, but anything at the moment is triple checked, therefore have you thought about leasing the equipment? Again though you will have issues as you are a start up with no trading history and no accounts to back you up.

Thanks Gillie,

My appologies for taking you away from your kids I never meant to :( so sorry for that.

No I bank with Barclays and not any of the above however they require 50% from me of the loan amount thats before even trying to obtain the loan, mad ay.

Yes I have considered leasing, however i fear i will fall into the same problem of having bad credit (being young and stupid with money).

Hmm...never really had any dealings with leasing though?

Thanks Gillie again,

Darren

[Andy Walpole]

Darren,

Have you looked in your local area for small business support? For instance, covering my part of London is the Barking and Dagenham Small Business Centre who receive their funding from a variety of sources. They will be able to advise you on all aspects of starting up a business and they should have access to some resources which you can apply for. I've no idea what is available in the Northamptonshire and Warwickshire areas but there will be something similar up there.

[Spongebob]

Save money.?

I would simply add to that; get a job and save up the money required to set up your business.

Four and a half grand is a poxy amount of money to save up over 6 months if you put to mind to it, even working McDonalds during the day and a bar in the evening. Any equipment you need can be bought second-hand on ebay or at CashConverters - build it up over a period.

Debt is not the way to go. It is the start of a very nasty slippery slope. Besides, no-one in their right minds is going to lend you the money anyway.

It looks to me that you don't really want to make this happen. You just want the glory and ego boost of being in the limelight as a disk jockey without any hard work or risk. Get grafting, man. If you're not prepared to do that then your business will go down the toilet anyway.

[cinddy]

In my view you should concern Banks that are providing loan with less Interest.. Or try to find some partners that are ready to invest in your business... Good Luck :-)

[RBS]

There is more than one bank on the high street approach the others and see how you get on.

If you have bad credit history, it doesnt matter which bank you go to, they all will decline. Even worse, the more credit checks you do on your history and get declined, the lower your credit score gets. So, if you been refused, dont run to 10 another banks, it will just make it worse.