Has anyone taken a small business loan ?
Mar 2nd 2005, 10:54 am
#1
BE Enthusiast
Thread Starter
Joined: Aug 2003
Posts: 795
Has anyone taken a small business loan ?
We will be moving to Melbourne in 6 weeks and I am working through a list of things to do as long as my arm. As I will be setting up a business when we arrive, I need to start looking into getting a small business loan. I have just got back from a trade show in Brisbane and received excellent feedback, so I am entirely confident that things will go well. I just need to get a start-up loan to get stock, premises etc.
Can anyone that has been through this process give me any advice or recommend a good place to go for a loan ?
Can anyone that has been through this process give me any advice or recommend a good place to go for a loan ?
Mar 2nd 2005, 11:44 am
#2
Forum Regular
Joined: Dec 2004
Posts: 109
Re: Has anyone taken a small business loan ?
Originally Posted by BenandPam
We will be moving to Melbourne in 6 weeks and I am working through a list of things to do as long as my arm. As I will be setting up a business when we arrive, I need to start looking into getting a small business loan. I have just got back from a trade show in Brisbane and received excellent feedback, so I am entirely confident that things will go well. I just need to get a start-up loan to get stock, premises etc.
Can anyone that has been through this process give me any advice or recommend a good place to go for a loan ?
Can anyone that has been through this process give me any advice or recommend a good place to go for a loan ?
Just a bump. I would also like to hear any views on this.
Mar 2nd 2005, 12:32 pm
#3
ah-beng
Joined: Aug 2004
Location: ^.^
Posts: 3,113
Re: Has anyone taken a small business loan ?
Have you thought about borrowing it in the UK ...
If youre looking for 10-15K£ or even 20k£ it might be easier to borrow here based on your credit rating as a personal loan for something like a car purchase or something and take the cash with you than build a business case to start afresh in aus.
I dont have experience of borrowing cash in Australia but when we needed capital to start our company in UK the banks were reluctant to lend substantial amounts based on business case - they wanted assets under guarantee - most of the people I know who have succesful businesses all talk about maxing out their barclaycard and all their personal loans facilities to start their companies.
The banks here when you apply for the loan will lend you money for car purchases or double glazing etc, but dont like lending money to start a business - they see this as risky. I guess....
They will evaluate your position at the point at which you apply for the loan - if you dont mention going to Australia (after all you might not .... things might happen ... )
If youre looking for 10-15K£ or even 20k£ it might be easier to borrow here based on your credit rating as a personal loan for something like a car purchase or something and take the cash with you than build a business case to start afresh in aus.
I dont have experience of borrowing cash in Australia but when we needed capital to start our company in UK the banks were reluctant to lend substantial amounts based on business case - they wanted assets under guarantee - most of the people I know who have succesful businesses all talk about maxing out their barclaycard and all their personal loans facilities to start their companies.
The banks here when you apply for the loan will lend you money for car purchases or double glazing etc, but dont like lending money to start a business - they see this as risky. I guess....
They will evaluate your position at the point at which you apply for the loan - if you dont mention going to Australia (after all you might not .... things might happen ... )
Mar 7th 2005, 10:46 am
#4
BE Forum Addict
Joined: May 2003
Location: GC
Posts: 3,353
Re: Has anyone taken a small business loan ?
Originally Posted by spalen
Have you thought about borrowing it in the UK ...
If youre looking for 10-15K£ or even 20k£ it might be easier to borrow here based on your credit rating as a personal loan for something like a car purchase or something and take the cash with you than build a business case to start afresh in aus.
I dont have experience of borrowing cash in Australia but when we needed capital to start our company in UK the banks were reluctant to lend substantial amounts based on business case - they wanted assets under guarantee - most of the people I know who have succesful businesses all talk about maxing out their barclaycard and all their personal loans facilities to start their companies.
The banks here when you apply for the loan will lend you money for car purchases or double glazing etc, but dont like lending money to start a business - they see this as risky. I guess....
They will evaluate your position at the point at which you apply for the loan - if you dont mention going to Australia (after all you might not .... things might happen ... )
If youre looking for 10-15K£ or even 20k£ it might be easier to borrow here based on your credit rating as a personal loan for something like a car purchase or something and take the cash with you than build a business case to start afresh in aus.
I dont have experience of borrowing cash in Australia but when we needed capital to start our company in UK the banks were reluctant to lend substantial amounts based on business case - they wanted assets under guarantee - most of the people I know who have succesful businesses all talk about maxing out their barclaycard and all their personal loans facilities to start their companies.
The banks here when you apply for the loan will lend you money for car purchases or double glazing etc, but dont like lending money to start a business - they see this as risky. I guess....
They will evaluate your position at the point at which you apply for the loan - if you dont mention going to Australia (after all you might not .... things might happen ... )
