Loans For Small Businesses Uk

Susan asks…

help with starting a business?

i am currently unemployed and want to start a small business in catering i wanting to start with a mobile burger van i have got suppliers and have a few spots that i can take on markets and fairgrounds. and i got all the right qualifications ie food hygiene etc. the only thing that’s stopping me is getting hold of a van, for a good van it would cost around £13,000 does any one no if there are any government grants or loans for people to start a business in the uk. as due to someone using my identity in the past i now have a poor credit score so cant get a bank loan.

admin answers:

My husband was made redundant and now runs his own snack delivery business
There were small grants available 2 years ago when he started, about £500, ask your benefit advisor who can put you in contact with a business advisor based in the job centre
As for the van, try and get one second hand or at a commercial vehicle auction
my husband paid £900 for his, it’s a ‘P’ reg and it is still going strong even although it has been round the clock

Charles asks…

Business start up: ticklist of costs…suggestions

Looking for real simple answers if possible, just chatting to a friend and we were trying to work out the checklit of a business cost of a small shop. look at our list below and let us know if you think our list covers it all…Look foward to your answers!

Costs either monthly or one off costs
Fittings (interior/exterior)
Staff wages
Any loans
Registration…with Customs…The business Name…The council

Anything you would add ? ? ?

admin answers:

I think you’ve got everything. I was going to say something for extreme events like a break in or a shelf falling down or something but you’ve said Insurance and Maintenance so it should be ok.

Mark asks…

What happens to my financial commitments upon company sale (UK)?

I have a small limited company which has been trading near 18 months, I have been made an offer for it, not a great deal but a decent price. Im not sure what to do yet and no decision has been made.

However I have a few credit commitments, a business loan, a credit card and a fuel card. All are fully up to date, the cards have no balance and the loan paid monthly from the business bank account.

If I sell the business what happens to the credit commitments, I opened all accounts in my name as company director, they are all registered to the limited company however with a directors guarantee under my name.

I dont mind continuing the repayments and by the time the sale goes through the loan would have been substantially repaid.

Of does the new director automatically get the cards and loan etc which Im not to keen on as I have managed them very well.

Also what happens to the bank account, will they get it or will it be closed automatically?

My accountant is away for the spring break and have no one to ask, please advise!!

Many thanks!!
No the loan was not Personal, it is in the company name, however I signed a Directors guarantee as part of the agreement, however if/when the company is sold will the Directors guarantee be activated and I asume responsibility of the repayments as normal.

Also the cards are in the company name.

Nothing personal taken out.

admin answers:

When you sell the business it goes to the new owner debt free. There is no way they take over any loans or cards. It is your responsibility to pay them off. Your business bank account will be closed. New owners open their own. Look at it this way, if you sold your house the new owners would not expect you to be responsible for the council tax or utility bills.

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