Best bank for lending to new business??

[Wilfred]

Been "trading" small scale as sole trader from home for past 6 months to test the water.

Now want to formalise the operation, and set up proper Ltd company from scratch doing motor repairs and servicing with 1 experienced employee in rented premises.

Which bank likely to be most supportive for startup funding/loan and overdraft facilities?

 

[chalkie99]

I would start with your own as they will have some knowledge of how you handle your finances.

 

[DeanCo]

We have had lots of experience with Natwest business managers over many years and their service is always outstanding when dealing with startups, providing you have a good credit rating.

 

[Wilfred]

Cheers Chalkie

I bank with Alliance now Santander. Didnt want to go with them due to poor service recieved!

 

Santander are fairly good at lending though I must agree that their service & admin standards are extremely poor.

Before approaching a bank you should also reverse your question to 'what should I offer a bank to make them comfortable lending to me?'

 

[MJP Financial Solutions]

Been "trading" small scale as sole trader from home for past 6 months to test the water.

Now want to formalise the operation, and set up proper Ltd company from scratch doing motor repairs and servicing with 1 experienced employee in rented premises.

Which bank likely to be most supportive for startup funding/loan and overdraft facilities?

Whichever bank you choose it is important to be able to demonstrate that you have a reasonable handle on your expected costs and cash-flow. Banks are imposing stricter conditions on there advisors to ensure they can justify their lending decision. If you need any help in preparing for your meeting with the bank I would be happy to help.

 

[BusinessM8]

The have bought RBS's business banking book - or so I was informed last Thursday by one of their Business Managers. Go direct to them, they're the fourth largest bank in the world now and they offer FREE Banking for Life to business customers.

Not only do we, as a business, spend a lot of time supporting new start-ups but I personally have been involved in company incorporation since 1986 and I'd be happy to provide you with an overview of the pro's and con's of incorporation and more - if you are interested PM me.

All the best

Tim

 

[Paul Norman]

I would definitely start with my existing bank.

In reality, borrowing modest amounts is in the gift of your local business manager, and the ease of borrowing depends as much on them as on which bank it in fact is.

We have had a reasonable relationship with our local manager, and found their response to our requests for borrowing balanced.

 

[accountancyextra]

Before approaching a bank you should also reverse your question to 'what should I offer a bank to make them comfortable lending to me?'

That is excellent advice!! (but so often not heeded by those applying for finance)

 

[Steve Thornbury]

Have a chat to Rob Warlow I'll PM him your details

 

[Geoff T]

Have a chat to Rob Warlow I'll PM him your details

Steve, can you PM them to me to please?