Loans For Small Businesses Uk

Robert asks…

Business Bank Account in the UK?

I’m a young EU citizen (an engineer), currently in London, interested to start a small business in the UK.
I’m interested in opening a business bank account for the purpose of starting the small business. I don’t need any credit line or loan of any kind, just want to be able to deposit checks etc.

Which bank will allow me to open such an account?
What forms/documents do I need to have in order to do so?

I don’t have any previous credit history (am young – 24 – and just got to the UK two weeks ago). Thanks.

admin answers:

Any major bank such as HSBC or Lloyds TSB will have a financial advisor

Helen asks…

Anyone been approved for mortgage recently?

As the government has just bailed out the banks (indeed many governments have all over the world!!) and stipulated that they have to start lending to small businesses and mortgage loans, my question is has anyone out there in the UK been recently approved for a mortgage and if so, how much of a deposit did you have to have? Has house sales started moving again? Is now a good time to buy before house prices increase due to approved lending increases?

admin answers:

Everyone has their opinion, but I myself do not think the sky is falling.

To answer your question – I think now is as good a time as any to start looking. Lenders have tightened up, though if you don’t stretch yourself on lending too much, and have a good deposit (10% ideally), you should be able to find yourself a bargain.

Rates are high, granted, but bear in mind, you are needing a considerably smaller loan than you would have done a year ago, were you to house hunt then. If you put yourself on a 2 or 3 year mortgage deal, you can take advantage of any potential rises in the property prices in years to come, though you should use your own judgement to work out whether or not the market has hit as low as it can.

My view is that if it hasn’t yet, it will hit bottom soon.

Susan asks…

Small business loan help………..?

I own a maintenance company in the uk.

I need to buy a piece of machinery which is going to cost around £35k

I can put £20k into it but need finance from the bank (15k) There is money paid into the bank every week, the account has never been overdrawn etc but i was still refused a loan!!!

I already have around £10k of work lined up for this machine.

The company is limited and is not in any debt etc

Any advice??
i can get 150K + a year just off the machine. i told the bank i had work for it and they just don’t wanna know!!

I will just have to wait a few more months and save the extra 15k.

then when i get a nice big bank balance i will be going to see the business manager and tell him i am switching BANKS.. and when he asks why i will refresh his memory


admin answers:

Doodle, okay, so you tried your usual bank with no success. Keep trying–persistence pays off. Seek out a loan from financial institutions that do business loans. Here’s a handy site that generally goes over some tips in seeking a business loan as part of its available resourceful information:

Hope this proves to be useful!

The Internet. Just whatever is available online, including the inclusion of relevant sites, like the one cited above that came into existence with my effort, which is intended to be useful.

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