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other options to a business loan?

loupomm Avatar
5y, 6m agoPosted 5 years, 6 months ago
hi all,

title says it all, im meeting the bank manager regarding a business loan, but i wondered what options there are if the bank that likes to say yes says no??

thank you
loupomm Avatar
5y, 6m agoPosted 5 years, 6 months ago
Options

All Comments

(27) Jump to unreadPost a comment
Comments/page:
[mod]#1
Take a gun! x :D
2 Likes #2
how about take a gun to dragons den? lol
#3
A local Don with an interest in helping the local community
#4
go on the game
#5
lol, i need to gain money.....lol
2 Likes #6
Get on your knees ...............( can be useful in two ways !!!! ) X)
#7
facts and figures are clearly important but are business loans considered by the whole picture too? or it is a sharp yes or no?
suspended#8
Wow- this is a bad thing to say, but depends how desperate you are to do this,
(re-mortgage) if its a possibility. Im off to hide now :)
Princes Trust?
#9
dont own my house...and im too old for princes trust ;( boooo
#10
Could you look and see if there are any government grants available?
Or bring in another partner? A venture capitalist?
Try another bank?
#11
No advice but good luck either way.
#12
another bank was my back up plan, which is why i thought i'd ask if they descision was based on more than whats on paper
#13
thank you jtx :)
#14
If you get refused try one of the smaller banks.
banned#15
personal loan?
how much and for what type of business? ltd, sole trader etc?
#16
sole trader, retail store
#17
Unless you have a good business plan with well costed figures, you have zero chance at a bank at the moment. Even then your chances might be slim.

If you're just going and saying "please can I have a business loan for £x" they'll say no, unless they're desperate for business or are part of the mafia and know how to make a profit on their lending.

Edited By: anewman on May 26, 2011 00:44
banned#18
loupomm
sole trader, retail store


unless you need loads I would go for a personal loan/credit card(s) - much easier to get
#19
Job centre offer a new deal grant which is for new start businesses, worth a chat
#20
Does your town/city have a small business organisation?

They would be the best source for information, and know of any grants and loans that may be available to you.
banned#21
loupomm
sole trader, retail store


I was going to mention factoring but if it's retail, you won't get the benefits.




Edited By: JonnyTwoToes on May 26, 2011 07:55
#22
just wondering what you need a bank loan? is ito expand a business that has/is showing steady growth for a decent preiod? Do you have a potential order on the back of obtaining a loan? these are all questions you will need to answer because your bank manager/ loan dude will ask this.

If you can show strong growth in your business with continual forcasted profit it difficult for the bank to deny..... but your figures need to be bullet proof

if all else fails get some lippy and work in the oldest job in the world

Edited By: Rupz on May 26, 2011 09:04
#23
thank you all, will have a read of everything, bit cheesed off, bank have cancelled a re scheduled, meaning i'll pron lose the premises im after :( oh well
banned 1 Like #24
I wouldn't worry too much, retail is desperate at the moment, shops closing all the time, if you miss this one, another will probably come along soon.
1 Like #25
get your business plan right. focus on the positive cash and profit generation. don't ignore the down sides but explain how you will overcome them. Do your homework on competition from near and far, and from others who have a similar market - is it pocket money impulse or gift or staple goods? A plastic figure, a box of sweets, a T shirt could all be a gift or an impulse buy.
Be professional, and don't show off how well you know the inside of the product, focus on the selling of it and the benefits of your way of bringing it to market.
Do not be unrealistic in your request. If you have noting to put in, you can expect to be declined. It is a balance of risk, and you have to have some - and future earnings is a load of inadequate risk. If you are putting in a couple of hundred, you are unlikely to get tens of thousands.
Banks have committed to the government that they will lend., If you are refused there will be a good reason, so review and see if it is you, your product, your means of selling, your unrealistic demands, your presentation, or what?
#26
thank you jzzz thats a very helpful post :)
banned#27
what type of shop you trying to open?

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