Start Up Business Loans

[HDR]

Hi

I’m looking at starting a small business and wondered if anyone could give me some advice and pointers on regards to obtaining a start up business loan.
I require £15000. I currently work full time and have an average credit score.

Would I need to provide a business plan?
Would my personal credit come into play during my application?
Can you recommend companies to apply with?

Many thanks in advance

 

[japancool]

Would I need to provide a business plan?
Would my personal credit come into play during my application?
Can you recommend companies to apply with?

Yes,
Yes.
The Startup Loans Company.

How much of your own money are you putting in?

@Mark T Jones

 

[NewTime]

I went through SUL.

But your credit score doesn't matter too much - unless it's really poor.

The SUL company will give you a lender when you apply through them.

 

[HDR]

I wasn’t planning on putting any money in. Is that a bad thing?!

 

[Mark T Jones]

Yes,
Yes.
The Startup Loans Company.

How much of your own money are you putting in?

@Mark T Jones

Thank you!

@HDR - I'm an advisor for Start Up Loans via Transmit

They do need a researched business plan - which I can give guidance on (but won't do it for you)

Credit history is somewhat important, it really depends if you gave been bad!

You don't need to put any of your own money in

Feel free to DM me or use my affiliate link https://www.transmitstartups.co.uk/ref/fof/

 

[Paul Kelly ICHYB]

I wasn’t planning on putting any money in. Is that a bad thing?!

Yes. Very.

You do things differently if you don't have skin in the game and have a risk of loss.

 

[Mark T Jones]

I wasn’t planning on putting any money in. Is that a bad thing?!

To clarify this

The Start Up Loan is aimed directly at people like you, who have a good, researched idea but no capital. (but can demonstrate the ability to repay)

Any commercial lender or investor will want to see a capital contribution (and ability to repay). This will definitely apply if you are looking to finance vans.

Add to that; non-repayable capital (whether your savings, or goodwill from FFF) is far more valuable to a start up than repayable loans.

 

[Chris Ashdown]

How do you know you need 15K without having made a business plan and considered your cashflow projections

Without and capital injection by yourself your are making the lender take all the risk and if the business fails to pay it back it costs the lender money to take you to court etc, which is why most will want to see a financial input and commitment by you

 

[ChrisCallaghan]

You don't need to put any of your own money in

If the start up is a limited company, are personal guarantees usually require? Or is The Start Up Loan essentially a personal loan?

I only ask as we sometimes get traffic through our website asking about start up loans. It would be handy to have someone to point them in the direction of.

 

[japancool]

Or is The Start Up Loan essentially a personal loan?

Mark will correct me if I'm wrong, but I believe it's a personal loan.

 

[WaveJumper]

How do you know you need 15K without having made a business plan and considered your cashflow projections

Without and capital injection by yourself your are making the lender take all the risk and if the business fails to pay it back it costs the lender money to take you to court etc, which is why most will want to see a financial input and commitment by you

My thoughts exactly and perhaps when they have written their business plan the figure could possibly double ...... chicken and egg comes to mind

 

[HDR]

I am currently crunching the numbers and then writing up a business plan.

Thanks for all the advice and input.

 

[Mark T Jones]

Mark will correct me if I'm wrong, but I believe it's a personal loan.

@Chris Callaghan - this is absolutely correct. Unfortnately there are a few introducers who like to claim there are no PGs - which is technically true, but highly misleading.

If you have thought of promoting start up loans without PGs, I'd put a VERY big filter machine in place to weed out the cr@p!

 

[ChrisCallaghan]

Cheers Mark, good to know.

 

[hurokjj]

Hi

I’m looking at starting a small business and wondered if anyone could give me some advice and pointers on regards to obtaining a start up business loan.
I require £15000. I currently work full time and have an average credit score.

Would I need to provide a business plan?
Would my personal credit come into play during my application?
Can you recommend companies to apply with?

Many thanks in advance

Hi, I've reached out to a bunch of financing companies at this point now and haven't had much luck in getting the loan support I need to get my business up and running. I have talked to GE Capital, Brewery Finance, and a few local banks, but they all require that I have been in business for at least a year in order to be willing to provide a loan. Do any of you have experience in working with lenders in the early stages of your business and can you offer any advice? I've already gone to friends and family and am looking for loans to cover the rest of my start-up needs. Thanks!

 

[Mark T Jones]

Hi, I've reached out to a bunch of financing companies at this point now and haven't had much luck in getting the loan support I need to get my business up and running. I have talked to GE Capital, Brewery Finance, and a few local banks, but they all require that I have been in business for at least a year in order to be willing to provide a loan. Do any of you have experience in working with lenders in the early stages of your business and can you offer any advice? I've already gone to friends and family and am looking for loans to cover the rest of my start-up needs. Thanks!

Thus thread refers specifically to the Government Start Up Loan scheme - as the name suggests, it is there for start ups.

I'll throw my hat in the ring, since you appear to be a premise- based business - 60% of my clients are start ups - I will give you straight and honest feedback, and help if appropriate

 

[m4hmo]

£15k is savable. What's your excuse. And if you got average credit according to clear score you should be able to get at least half that on credit cards, and the other half personal loan.

Anyway this is a bad idea, without knowing your idea I know it's bad. Believe it or not you can start business with "little to no money".

 

[DEBS Ltd]

Is this for UK based companies only?

I'm on the Isle of Man.

 

[Mark T Jones]

Is this for UK based companies only?

I'm on the Isle of Man.

Uk only

 

[DEBS Ltd]

Suspected that was the case but thanks for confirming Mark.

Much appreciated.

 

[hurokjj]

Thus thread refers specifically to the Government Start Up Loan scheme - as the name suggests, it is there for start ups.

I'll throw my hat in the ring, since you appear to be a premise- based business - 60% of my clients are start ups - I will give you straight and honest feedback, and help if appropriate

thank you so much for your suggestion

 

[ethical PR]

£15k is savable. What's your excuse. And if you got average credit according to clear score you should be able to get at least half that on credit cards, and the other half personal loan.

Anyway this is a bad idea, without knowing your idea I know it's bad. Believe it or not you can start business with "little to no money".

'without knowing your idea...I know it's bad' absolutely hilarious