Where to borrow from?

[KELKEL]

Hi

We have been trading online for about 2 years (website and EBAY) the sales are ok but nothing to rave about but as I was working full time it was just a part time drea... now I want to follow my dream and make it full time... I would like to open up a shop and sell on the high street...I have done my research, found a unit.. etc etc...

To help me do this I would need to take a start up business loan..

I am waiting on banks to call me which I will chase up on Monday... are there any other reliable avenues where I could borrow money as a loan, low interest rates with fixed payment for 5 yrs?

Any advice greatly appreciated

 

[businessfunding]

If your bank come up with the goods they will probably be your best source of funding

The availability / cost / terms will depend on several factors including trading figures for you existing business, personal cashinput and back-up security available.

 

[cheaper accountant]

Do you operate as a limited company? If you do then Funding Circle (https://www.fundingcircle.com/) might be a good option should the banks not make you an offer.

You tend to need two years of accounts that have been filed with Companies House to qualify for business loans.

 

[businessfunding]

Other peer-to-peer lenders are also available

From the post I guess that the OP won't meet minimum requirements for this type of lending - but it's worth a try..

 

[KELKEL]

Thanks for replies... I am a sole trader.. I will talk to my accountant tomorrow about the best practice whether to stay a sole trader or register on companies house....

I was hoping to go into the retail enture as a new business and not really count the last two years as it was more of a hobby..

 

[dal]

You tend to need two years of accounts that have been filed with Companies House to qualify for business loans.

It's riddiculous you need two years of accounts , majority of capital is needed to start the business .
Handy info though for those with two years of accounts behind them.

 

[old boy]

Depends on how much you want to 'give away'
kickstarter and crowdcube are interesting avenues
I have looked at this a lot but not used them yet due to complications in investors in the past
OB

 

[businessfunding]

Equity funding is seldom beneficial for either party in a low-growth environment

If you were planning a chain of stores it would be worth looking.

 

[Charleston_Financial]

Hello,

If you are unsuccessful with your bank then feel free to contact me as we have access niche commercial mortgage lenders, are you buying a freehold premises and do you have a deposit to put in?

Kind Regards

JAMES