Star up Loan

[Kane love]

Hello, I'm currently applying for a business development loan, and I must admit the entire application is quite stressful for me due to the sheer volume of questions. I feel like I've done something wrong. However, let's focus on the most crucial question: I have a meeting with an official soon, and I'm quite anxious. Can anyone tell me what to expect? What kind of questions might I receive? I want to be as prepared as possible and avoid messing up due to stress.

 

[Mark T Jones]

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Assuming you are referring to the Government Start Up Loan, You will be asked about how your business will run, your marketing plan, what research you have conducted and your business financial.

Assuming you are early in the process, if these are incomplete, they should give you guidance and pointers

They won't judge your personality/ anxiety (unless it will impact your business)

Having worked with this scheme in different capacities - yes, it is bureaucratic, but so is business - its a good introduction

 

[Carbtec]

You are not going to qualify for a "business developement" loan from any respectable source unless you can satisfy the requirements of the patron saint of finance . . . . The patron saint of finance is St,Atus.

Unless you have sufficient assets to cover any default in repayments, then you have less than zero chance of anyone chucking money at you for whatever reason that may have been planted in your head.

So get ready for questions such as "how much is your house worth" & "how much do you still owe on your mortgage" !

 

[WaveJumper]

Welcome to the UKBF and welcome to the world of business, good advice above, but I would also aske what have you done to prepare yourself for this, what research have you done on line regarding the process, there’s plenty of info out there. Part of being successful in business is finding and absorbing as much info as you can find on any particular topic be it as your doing now trying to raise funds.

Have you got your business plan, cash flow forecast, a personal survival budget in place do you know them inside out. They will probably if not already done so look at your current and past financial standing.

So research, learn your numbers inside out, I’m pretty sure they are not there to trip you up, but pretty sure they will want to understand your business and know you do too.

Best of luck and do make sure you update the forum on your progress

 

[Kane love]

Welcome to the UKBF and welcome to the world of business, good advice above, but I would also aske what have you done to prepare yourself for this, what research have you done on line regarding the process, there’s plenty of info out there. Part of being successful in business is finding and absorbing as much info as you can find on any particular topic be it as your doing now trying to raise funds.

Have you got your business plan, cash flow forecast, a personal survival budget in place do you know them inside out. They will probably if not already done so look at your current and past financial standing.

So research, learn your numbers inside out, I’m pretty sure they are not there to trip you up, but pretty sure they will want to understand your business and know you do too.

Best of luck and do make sure you update the forum on your progress

The entire business plan is structured; potential revenues, losses – everything is included in the questionnaire I had to fill out during the application. I feel like I've answered all the questions, so I'm stressed about the interview because I want to perform well, but it's challenging for me to talk about numbers without preparation.

 

[Mark T Jones]

The entire business plan is structured; potential revenues, losses – everything is included in the questionnaire I had to fill out during the application. I feel like I've answered all the questions, so I'm stressed about the interview because I want to perform well, but it's challenging for me to talk about numbers without preparation.

It's not like Dragons Den - you don't need to think on the hop, or know the numbers inside out.. they want to know that you've done research, thought them through and that they make sense.

Similarly with marketing.

Its more of a chat than a grilling

 

[Kane love]

It's not like Dragons Den - you don't need to think on the hop, or know the numbers inside out.. they want to know that you've done research, thought them through and that they make sense.

Similarly with marketing.

Its more of a chat than a grilling

You're right, thank you now I feel a bit better

 

[Mark T Jones]

Good luck - and I will be interested in your feedback on the process

 

[Strat]

Were you able to get such loans