Business Loans

[Edinburgh Exe Travel]

I'm looking for some advice, I am into my third year of trading and I'm looking to refinance some high borrowing whilst using some of the money to expand and generate new business through advertising.

Can anyone recommend a good bank for a business loan?[/font]

Thanks

 

[Rob]

You're really asking the wrong question. You could get a load of responses saying, 'go to Barclays, Nat West, try HSBC' etc. That's not going to do you any good - people's ability of getting a loan are down to circumstances which will be totally different to yours and so their comments will be of no use to you.

Your real question should be 'what do I need to do, what information do I need to present to ensure I get my loan?'.

Looking for a bank which is a push over (is there such a bank today?) is not the way. Your business plan and track record should speak for itself and be strong enough that any bank will say yes.

Here are some articles which may help you think in a slightly different way from where you are now:

http://www.smallbusinesssuccess.biz/free_articles/applying_business_loan_preparation.htm

http://www.smallbusinesssuccess.biz/free_articles/applying_small_business_loan.htm

 

I agree with Rob's comments, however a sensible starting point must be to talk to your own bank, particularly if you are fortunate enough to have a proper 'bank manager' who knows what he is talking about. (A fast dying breed!)

I would also look at ways of splitting your borrowing using other finance tools, such as asset finance, invoice finance, mortgages etc.

I can't pretend to be impartial here, but my advice would definitely be to spread debt outside of a single bank source.

Mark

 

[oldeagleeye]

I not only agree with Mark about going back to your own bank - I think it is your only realistic option unless as he mentioned you get into mortgages or invoice financing because few banks are lending money now.

The good news is that those Banks with outstanding loans are now much more receptive to things like a payment holiday or a reduced interest rate.

Oh and don't forget about that invoice discounting or factoring if a lot of your business comes from the corporate sector. it could transform your cash flow situation virtually overnight and instead of waiting 60 - 90 days your'll get around 80% of the value the same week.

Good luck.

Robert

 

[Muhammad Arif]

I think its the best suggestion given.

You are in wrong section.

Your real question should be 'what do I need to do, what information do I need to present to ensure I get my loan?'

You're really asking the wrong question. You could get a load of responses saying, 'go to Barclays, Nat West, try HSBC' etc. That's not going to do you any good - people's ability of getting a loan are down to circumstances which will be totally different to yours and so their comments will be of no use to you.

Your real question should be 'what do I need to do, what information do I need to present to ensure I get my loan?'.

Looking for a bank which is a push over (is there such a bank today?) is not the way. Your business plan and track record should speak for itself and be strong enough that any bank will say yes.

Here are some articles which may help you think in a slightly different way from where you are now: