Bank start up loan

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rebecca470

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Post by rebecca470 » Wed Dec 09, 2020 9:54 am
Hi

I have been provided your information by an accountancy as I am in the process of researching setting up a business for the first time. I am struggling to find information online regarding the bank start up loan process.

I am currently employed full time in the NHS but I have been in an IVA for 2 years; with approximately 3 years left.

Please can you confirm if I would struggle to get a start up loan from a bank in the first instance?

At the moment I am just looking in to if I would be able to secure the required funding in the first instance if my IP agreed it. I would stay in my employment so I would have this salary as a back up/ security.

Foggy

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Post by Foggy » Wed Dec 09, 2020 11:04 am
As you say, you will need the permission of your IP for any lending --- which is unlikely to be forthcoming. Then the ability to repay the business loan without threatening your current IVA payments will need to be proven. Finally, your credit rating is shot, so it is unlikely, or near impossible, that you would find a lender to accept you at anything like reasonable rates, if at all.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

lifenoteasy

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Post by lifenoteasy » Wed Dec 09, 2020 11:31 am
Your first hurdle is whether you can actually get a business bank account and many banks are not accepting new applicants at the moment.

Even then, they would likely do a credit reference check linked to your personal circumstances.

You might find this link useful https://www.simplybusiness.co.uk/knowle ... ss-grants/.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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