Where to go if a bank turns you down? (without giving away your equity)

[business.is.my.life]

The title gives it away really... I've got my business plan together, got the Ltd Company set up and the bank will be letting me know within the next week or so. £25,000 loan. I don't have a mortgage but have put £15,000 of cash and assets of my own into the business. It's a retail outlet business.

Does anyone know where to go if this fails? Without giving away a percentage of my company.

 

[benjamin_c]

Have a look at https://uk.zopa.com/ZopaWeb/

 

[business.is.my.life]

Cheers. I've had a look at this site before so I'll keep it in mind if the banks turn me down.. going to be a long week I feel.

 

[Merchant UK]

add your local business link to your places to go. They can offer business loans from various sources, even if your credit record is not too great.

Banks are killing small businesses, i try and have very little to do with them in the form of loans etc

 

[David Earle]

I couldn't even get a bank account with HSBC. Had to stick with Barclays. Oh well...

 

[Merchant UK]

I couldn't even get a bank account with HSBC. Had to stick with Barclays. Oh well...

A guy at work went to the bank cos he was overdrawn by £23 and he had a direct debit to pay (Car insurance i think??) the bank wouldn't give him an overdraft as he was £23 overdrawn and in the words of the personal banker "Don't look very good"

But thats what overdrafts are for isn't it??? I mean if you had £500,000 in your account you wouldn't want an overdraft would you ??

Pathectic

 

[Cornish Steve]

Credit cards. I have more than twice the amount you're looking for on credit cards - either zero percent offers (that I transfer to other zero percent offers once a year) or low percent for life (I currently have 1.9%, 2.9%, and 3.9% deals). The nice things about credit card balances are that they are unsecured and you can choose how much to repay each month. The key is to cut them up the moment you've taken the balance you want and to be sure to make monthly payments on time.

 

[Dynumo]

I'm trying to create just such a system that could help you, which you can see in a thread I created earlier today

 

[Rhodes100]

You should contact a commerical finance broker but be careful about the one you choose and upfront scams.

A broker will be able to assess whether the reason you were turned down was due to your poor presentation of your case or whether simply tey think that you business will not work and therefore is too risky for any lender.