Enterprise guarantee scheme

[mammamia]

hi all this is my first post on this forum and was after a bit of advice!! apologies if this is in the wrong section

i am in the process of setting up my own business but am really struggling to find finance, i sell cosmetics on line and offline but would like to would like to sell womens plus size clothing online also.

i have already purchased a small amount of clothing from wholesalers and these have gone quite well, my problem is financing to buy more stock in order to sell.

I would be laughed out of the bank if i applied for a loan under their normal criteria, but wondered if anyone had experience under applying for funding under the EFG and which banks seem more open to lending this way.


i am uming and arrhing over which bank to contact!! if any one has any advice or information i am all ears

thanks

forgot to ask would it be better for me to be registered as a sole trader or a limited company?

[kickstartbtm]

Hi

The basis of the EFG guarantee is that it only applies to deals which the banks would underwrite on their normal criteria (I think the Government & banks are as confused as we are).

From your post I'm guessing that you are not a home-owner & do not have any assets?

[mammamia]

no i dont have any assets so would not be able to get a loan under the normal criteria, i have spoken to a bank today and to be honest he did not seem to know much about the scheme in detail and although nice enough it seemed like a no

im just wondering if their are any further options for me other the backstreet with higher interest rates any advice or info. to point me in the right direction