Best place to get £10-£15k loan without a director guarantee

[Baretto]

Hi

I have an ecommerce business that has been running since last March, we've turned over £100k so far and we are looking for some borrowing to purchase additional stock.
I've currently got a commercial credit card with my bank with a £9k limit, I'm looking for an additional £10-£15k, but don't fancy personally guaranteeing it.
I tried to apply for a loan through my bank, but they wanted a PG. I was pretty far through an application with Barclaycard commercial with no PG, but they gave no indication what my credit limit would be, and it will be pretty pointless if it's only £2k they offer me.

Can anyone recommend somewhere where I could borrow £10-£15k with no PG? Should I apply for Barclaycard commercial and just see what they offer?

In case this makes any difference I do run another business that turns over in excess of half a million per year, and my credit rating is good.

Thanks

 

[japancool]

Can't your other business lend this one the money?

 

[BubbaWY]

I think you will struggle to find unguaranteed borrowing for a business not quite a year old.

 

[Baretto]

Can't your other business lend this one the money?

We already lent quite a large amount at the start and that company is investing in staff at the moment, so that's a no go.

 

[Baretto]

I think you will struggle to find unguaranteed borrowing for a business not quite a year old.

I'm not sure if this makes a difference, but the company was setup in 2020, and started trading March last year

 

[ChrisCallaghan]

Sorry to add the no's, but I think you will struggle to find a lender that wouldn't be looking for a PG. None spring to my mind in recent times.

Have you explored any merchant loans? You've mentioned your business is in ecommerce. Do you use a platform like Shopify or Amazon? I believe they used to give merchant loans without PGs.

 

[japancool]

Try these guys:

Outfund | Fast & Flexible Funding in the UK

Supercharged funding from £10K to £10M for your marketing and inventory.

out.fund

 

[AlanJ1]

Do you use a platform like Shopify or Amazon? I believe they used to give merchant loans without PGs.

This one is kind of a weird one as they basically guarantee it from future sales and will have a reserve fund if you are selling on there so it basically comes with a PG just not a "usual" one.

 

[pentel]

I'm looking for an additional £10-£15k, but don't fancy personally guaranteeing it.

Sometimes we have to back our own businesses, especially in the early days.

Not sure if you offer credit terms to your customers but if you do then invoice financing may be an option.

 

[Mister B]

Why are you not prepared to offer a personal guarantee?

If you have faith in your ability to repay the loan, then it shouldnt be an issue. If you don't have total faith, then look at it through the eyes of the lender: why should they take all the risk when you yourself are not prepared to?

 

[Baretto]

Have you explored any merchant loans? You've mentioned your business is in ecommerce. Do you use a platform like Shopify or Amazon? I believe they used to give merchant loans without PGs.

Yes we've looked at that, we're just not quite at the level of revenue yet to be eligible.