Bank Loan for Start Up Salons...

[makeupartistzoe]

...Heya Forum,

Business Link are telling me that Lloyds TSB and Natwest are the best banks to go to to get start up loans for small and medium businesses at the moment...and I'm working through spreadsheet after spreadsheet at the moment, revising the business plan and getting more and more determined that in myself I can do what I plan to do.

But has anybody sucessfully got a start up loan recently? If so which was the bank you went with?

Thanks!

 

[kezza*]

Hi
HSBC used to do a small business loan you didn;t need a business plan if you were looking at anything less than £3000 but I'm going back years ago.

Is there anyone in you family that caould lean you some moeny???? Interest free then.

Also there is alot of banks offering free business banking for 18 months.

 

[makeupartistzoe]

Thanks Kezza, it's a tricky one, I need more than 3k, I've put my spreadsheets together and with my list of what I'd need I need 15k. I think it depends on what moment you go into the bank and ask. I've been trying to find the interest and repayents of 15k over 60 months but Lloyds tsb have an inability to return my phone calls or pass on my number to the right person (at least in one branch I've been to.) I walked into Natwest yesterday, straight to the counter, asked them straight- lucky the business manager was in and available, had a quick chat, he seemed to think my numbers stack up and it would be £304.96 per month, which I can afford even if it didn't work out as I dont have loadsa credit outstanding at the moment.

Just fine tuning the numbers, meeting with Business Link on Thurs for a 2 hour lesson in what to expect in a formal bank meeting and how they are going to try to trip me up, get out of lending it to me etc but it's seems positive at the moment!

I know I can do it, I'm prepared for the hard hard work but I don't want to borrow off my family and friends, not only have they not got that £ spare in the bank but esp my Mum and Dad don't really understand it, it's not their world-they've never been self employed. Its a hard industry to make money in but when people get it right they do really well. In the words of Richard Branson 'Screw it Lets do it!' lol!

That was alot of typing, sorry bout that...

 

[persianista]

Banks make their money from lending, so they don't generally try and trip you up. They will just want to ensure that the numbers stack up.
They will probably want you to take the 15k as a personal loan, as it is not really a large enough amount for a business loan.
Business link are fantastic for new start ups. They helped me no end when I started out.

 

[gemsie1983]

Good luck I hope you get it! xx

 

[botoxwales]

Thanks Kezza, it's a tricky one, I need more than 3k, I've put my spreadsheets together and with my list of what I'd need I need 15k. I think it depends on what moment you go into the bank and ask. I've been trying to find the interest and repayents of 15k over 60 months but Lloyds tsb have an inability to return my phone calls or pass on my number to the right person (at least in one branch I've been to.) I walked into Natwest yesterday, straight to the counter, asked them straight- lucky the business manager was in and available, had a quick chat, he seemed to think my numbers stack up and it would be £304.96 per month, which I can afford even if it didn't work out as I dont have loadsa credit outstanding at the moment.

Just fine tuning the numbers, meeting with Business Link on Thurs for a 2 hour lesson in what to expect in a formal bank meeting and how they are going to try to trip me up, get out of lending it to me etc but it's seems positive at the moment!

I know I can do it, I'm prepared for the hard hard work but I don't want to borrow off my family and friends, not only have they not got that £ spare in the bank but esp my Mum and Dad don't really understand it, it's not their world-they've never been self employed. Its a hard industry to make money in but when people get it right they do really well. In the words of Richard Branson 'Screw it Lets do it!' lol!

That was alot of typing, sorry bout that...

Is it worth talking to the Business Link people? Are they any good at all?

I'm the same. Been trying to get a personal but been turned down a few times.

 

[makeupartistzoe]

Business Link have been great for me so far. I just called up and explained fully my ideas and that I've been forming a plan....then a Business Manager sends your plan back to you with lots of red text over it!!! and tells you how to reword things/ expand or which section to put that info in etc then gets you to do profit and loss spreadsheets and cash flow spreadsheets to show that your idea will actually make money. They said the bank will 'trip me up' but I think he means just really thoroughly quiz me about projections being accurate and so I know my numbers inside out. I think its worth doing for me anyways I'll let you know hoe it goes, thanks guys! xxx

 

[botoxwales]

Havent done a business plan yet. Guess I should do one....

 

[makeupartistzoe]

This week Natwest offered me a conditional offer...that they would give me 10k of the 15k I need only if my parents put up the remaining 5k! I'm so annoyed but told the bank manager I can only ask tho I really don't want to get them involved-they already helped me get started in this space I have now.

Just spoke to the parents and they aren't happy, they are worried about me taking on a lease, think 15k is a huge responsibility and too much for me, worried about rogue builders (mum watches too much rogue traders) and are telling me if I wanted money for a property, new flat with my boyf then they would be happy to fork out as its a property and safe and this is high risk! I'm so hacked off they cannot see it from my point of view- that is I've spent hours and I mean hours on my f*cking business plan calculating how it would all work, working out that it would work, proving to the bank who believe i can do it (yeah i know they are out to make money but banks dont really have too much spare cash atm do they now.)

If I had the money I'd do it tomorrow (obviously after negiotiating lease, doing a survey, double checking quotes from builders and just doing it with a practical head on, being sensible about it.)

This is so frustrating I wish I had no passion for this industry most of the time, wish I could just work 9-5 in a bank or tescos and just be content...but I dont want to move premises with the guys I'm renting from now as Im going to end up in a basement...

 

[spraytangeek]

okay, this is going to sound like a really silly question. im just starting up my buisness plan now... how do u know how much you need to borrow??
obvs rent and equipment ect.. but how many months rent do u need to start? does it depend on the lease?

Any advice would be helpful
thanks x:?:

 

[scissorspaper]

have you thought about applying for a small business grant!?
you never know you might qualify and your never have to pay it back...yay for the government! x

 

[spraytangeek]

Sounds lovely!!!? where do u go for that?? x

 

[scissorspaper]

Sounds lovely!!!? where do u go for that?? x

You can apply by going to your local job centre my local area don't qualify as it's too smaller area just give it a bash you never know and as I say...free money is good money! X
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[xgxexmx]

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[xgxexmx]

...Heya Forum,

Business Link are telling me that Lloyds TSB and Natwest are the best banks to go to to get start up loans for small and medium businesses at the moment...and I'm working through spreadsheet after spreadsheet at the moment, revising the business plan and getting more and more determined that in myself I can do what I plan to do.

But has anybody sucessfully got a start up loan recently? If so which was the bank you went with?

Thanks!

I am in the same situation as u , I went to natwest the other day to open a busniness acount and I worked out I needed a 5000 loan. They seemed really helpful and I am waiting to hear back from them so fingers crossed I am in the middle of typing my final business plan up. I have tried for a personal loan but I cannot get 1. It doesn't help that I am under 21 (just turned 20) its not fair , I just hope they
Decide to give me a loan
Good luck!
Let us kno who u decide to go with!!
Xxx
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