British Business Bank Start Up Loan

[_Alan]

When I started my business I received a start up loan from Virgin Media start up through the British Business Bank.

The loan is set up as a personal loan rather than a business loan but it’s supposed to be used for business purposes.

My question is, when the loan was paid in to my personal account and then I transferred it in to the businesses account, does this income then become a deposit in to the DLA or can I input it as something else?

 

[Scalloway]

this income then become a deposit in to the DLA

Yes

 

[Argentum Tax]

Why didn’t your company apply for the loan, rather than you personally?

 

[_Alan]

Why didn’t your company apply for the loan, rather than you personally?

The company did apply for it but if you get a start up loan through the British Business Bank then they only give out personal loans.

 

[Tables Force]

Why didn’t your company apply for the loan, rather than you personally?

Is it a personal credit check or a business credit check?​

Start Up Loans are personal loans so the credit check that we run is a personal credit check.

(www.startuploans.co.uk/support-and-guidance/frequently-asked-questions/credit-checks#is-it-a-personal-credit-check-or-a-business-credit-check?)