I am director of a small company, and as a budiness we need to apply for a small bank loan for some exhibition equipment.
I am currently in an IVA but my business partner is not, Will this have an effect on the company borrowing the money? We have both been asked for personal income and expenditure forms.
I've no idea if you would be able to get a loan. If it is in both names then you would need the permission of your IP to apply for a loan.
Hopefully one of the professionals can help.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If the bank run a credit check on you personally, this could put them off. Why not discuss this with them first hand and be up front about your situation so as not to waste anyone's time and ultimately be disappointed.
Could your co-director get a personal loan for the equipment, and then make a corresponding loan to the company which the company could rightly pay back legitimately?
