Business loans?

[LindaH73]

Okay heres a question for you all!

I sort of class myself as a mobile beautician/nail tech and i do have a few regular clients but i can't drive so can only work evenings/weekends when my hubby is at home. Can you get a small business loan and class learning to drive as part of the loan or get funding from anywhere else for this kind of thing?

Just can't see how i will learn to drive otherwise and i know my business would benefit a lot more if i could drive Don't say save up as i have no other job as i'm a stay at home mum with a four year old and 11 month old and i'm lousy at saving!!!!

This question is just so daft :o , just looks worse everytime i think of it but sounded a good idea when it was in my head!!!!!

 

[pmason]

Hi Linda - I've just got a business loan of £1500 to pay for the training etc for nails, but I got in on the back of my cleaning business which I've had for 5 years. However, i did have to apply for a loan to set up the cleaning biz so I guess the principles are the same...


basically, if you can prove to a bank that you know the business you are getting into then that is a good starting point. I would suggest reading every single thread on here that mentions 'starting up' etc to glean as much info as you can about the logistics of the nail industry. Then put it all into your own words in a portfolio - to prove you have the knowledge and that you've had the nowse (sorry, Yorkshire word!) to research the subject.

then you need to do a basic income and expenditure spreadsheet - to show that you know you can make a profit from the work you expect to do. In your expenditure you can include any car-related or driving-related outgoings cos if you're going to be mobile then you have to be able to drive and run a car. I offset petrol, mot, service, new tyres, valeting, windscreen wipers, tax - you name it and I offset it against my profits!!

I put up about £500 myself to set up my cleaning biz, banks like you to show some committment towards the project by putting some of your own money into it. I appreciate you say you cant save, but perhaps a family member or good friend could lend you some just to get the loan, then you could pay it straight back?

business link are really helpful when setting up a new business, they give free advice and do classes to learn about bookkeeping, accounts etc. If you've contacted them - even if you don't intend to follow it up - that will look good to the bank.

I know that the Princes Trust offer grants for new businesses of up to £2500 but I think you have to be under 30.

Anyway, don't know if thats helped at all - but perhaps its given you something to think about?!

 

[cuticles]

Good advice given, I am not sure whether you could get a business loan - unlikely I think - you could say it was for something else though!

Cathy

 

[buttonmoon]

i had a £2000 loan and £500 grant from princes trust to cover car, flyers, business cards, road tax, car insurance, stock etc

i had £300 grant from an action team for jobs for stock

i had £200 grant from jobcentre plus for uniform and public liablitity insurance

i first went to the jobcentre for help with driving lessons but they would only help me if i was gauranteed a job straight after
no-one seemed to want to help with driving lessons
so i payed for them myself, took me 9 month and around £900 (£15a lesson)

for the loan from the princes trust i had to do a big really good business plan and cashflow (although now i kno my targets for money made each month were unrealistic-possible though)

i was also working with a team called in-biz whislt doing all of this-they helped me loads
when i started 'trading', i was allowed to still claim benefits and have a £15 top up a week for 6 months
but
i had a joint business bank account with them and they had control of the cheque book for 1st 6mths so no personal allowance and had to get in touch with them for a cheque when i needed something

but that got cut short coz b/f moved in and i got put in touch with some1 from walker hall associates, who is getting me £500 grant in 2 weeks!
yay!
(think the money comes from east durham business start-up or something

anyway, i think most of these are local so get in touch with your jobcentre or princes trust to see if you qualify for any of this

if not, sorry for wasting your time
xx

 

[Sassy Hassy]

Business loans tend to want you to put up the same amount of money as you are borrowing. Go for a personal loan, I got one from Alliance and Leicester on line, interest rate was only about 6 or 7% APR, I got a decision within 48 hours. Believe me hun if you have a good credit rating then banks are chucking money at you at the mo!

 

[ADiva1]

A normal bank loan seems to be a better idea to me. As said before there are very competitive lenders out there, so worth having a look around...