Best sources / routes for obtaining new business loans.

[Simon Scott]

Before I start searching and to help streamline the process I just wondered if anyone had any guidance as to the best places to go to for new business finance.

I have been operating since July last year, mainly as a consultant practice, but have also recently started taking on direct works and want to progress on this by the purchasing of assets in the form of plant etc. But also some cash towards general expenditure I feel will help get things moving.

To summerise;
1. Best brokers / banks / online methods sources or general advice.
2. Likelihood of me obtaining loan this early on. I thinking more than typical 10k startup .

Tia

 

[Mark T Jones]

The best broker is me or @Gordon - Commercial Finance

The chance of getting finance will be a mix of

- the equipment
- the business plan/projections
- the strength of the guarantor

You can/should also try the Start Up Loan scheme,

 

[Simon Scott]

The best broker is me or @Gordon - Commercial Finance

The chance of getting finance will be a mix of

- the equipment
- the business plan/projections
- the strength of the guarantor

You can/should also try the Start Up Loan scheme,

Thanks Mark.

Sounds like my best plan would be to ensure my business plan is robust. I'm am going to work on it today to get it to a good place and then go from there.

Many Thanks

 

[Mark T Jones]

Thanks Mark.

Sounds like my best plan would be to ensure my business plan is robust. I'm am going to work on it today to get it to a good place and then go from there.

Many Thanks

It's a good start. 2 important points:

1. Your business plan is primarily for you, not for lenders. Ultimately it's your debt.

2. It should be researched, and show why the money is needed and how it can be repaid, not pages of glossy pictures and waffle!

That's based on many hundreds of plans I've seen!

 

[fisicx]

@Mark T Jones - surely you can get AI to write it for you. All you then need to do is pass it on to the bank whose AI tools will approve the loan. Simples.

 

[Mark T Jones]

@Mark T Jones - surely you can get AI to write it for you. All you then need to do is pass it on to the bank whose AI tools will approve the loan. Simples.

Yip, that'll do it.

'Chat GPT, write me 100 pages of irrelevant waffle, platitudes and superlatives about widget manufacturing'

 

[Simon Scott]

Yip, that'll do it.

'Chat GPT, write me 100 pages of irrelevant waffle, platitudes and superlatives about widget manufacturing'

Yea I didn't think about AI , I'll look into it. Thanks

 

[Mark T Jones]

Yea I didn't think about AI , I'll look into it. Thanks

In fairness to AI, it might give some ideas, which you can turn into meaningful narrative (though you don't need loads of narrative)

 

[fisicx]

Had someone send me a spec for a plugin last week. Written by some AI bot and was just contradictory waffle.

And the originator wanted a discount before even asking the price.

 

[WaveJumper]

AI request to bank - AI approves it - human spends it all and can't meet the payments, the bank send their AI Robot round to put the squeeze on you ........ won't be long now