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Is there business funding? And best banks for business accounts..(8 Posts)
Sorry, absolute beginner with a few Qs... Would appreciate your help :-)
- Which bank is best for business banking? I have been with LloydsTSB for years, but is there a better bank?
- Is there any funding available for small businesses? (Don't laugh now but last time I looked there was financial support for people opening small businesses... seems unlikely these days?
- Companies house is where I need to go to first right?
Have a read through my Ebayers page.
You do not need to register a company
there is little or no funding for businesses
all of the banks are as crap as each other
if you are a sole trader you can run your business through your own bank account until it really gets going ...
check www.j4bgrants.co.uk for help with business funding
Posters in my NatWest branch say they never say no to a business loan. What it doesn't say is that they never fund any new business a 100% of what they need.
So, I had to find 50% of the money I needed by begging and borrowing from friends and family. I found this very frustrating as we have no savings.
With a bank loan, like panadbois says, you will have to put a lot of your own cash in - you will have to show your own personal investment in the business.
There are alternative lenders and government schemes worth looking in to..some links for you to browse over:
- www.startuploans.co.uk/ - government funded scheme
- https://www.capiota.co.uk/ alternative lender
other alternatives - take a look at crowdfunding, do you have any family or close friends willing to help? Also angel investors..
Depending on where you are located, your local area may have money to invest in local businesses - I know Manchester do www.economic-solutions.co.uk/services/manchester-business-loans - all government backed.
Hope this helps somewhat.
I bank with NatWest. Both of my businesses got 12months free banking with them and they are more flexible with their lending now. They will probably ask you for your business plan.
Are you planning on setting up as a LTD company straight away? If so, use a company like formations direct - they will do all the paperwork for around £60 I think.
Are you currently unemployed? I've just gone through the governments New Enterprise Allowance scheme. I was eligible for contribution based JSA, so signed on and asked to be referred onto the NEA scheme - I received JSA payments whilst setting business up (has to be within 12 weeks) and then 6 months of NEA payments when I start trading - I'm using this weekly money as my start up capital. There is also an option through the scheme to take out a loan too (although is 9% interest so not great).
Open247 - did you have any luck with any of the start up schemes that MelArt suggested? I'm starting up a business producing and selling a lifestyle drink aimed at women and would love some advice on how you've secured funding for your business if you managed to get anywhere with it.
And if anyone else could share any funding tips i would be extremely grateful!