Getting Start Up Funding for your Business
We all need money to start a business, even if it is a web based one. But how do you get this finance? It can be especially difficult in the current pandemic as the banks are not eager to lend, friends and family may be reticent and might not want to give any any equity. The answer may be other Government backed lending institutions such as Enterprise for Finance. You will still have to go through the usual application process but instead a computer giving you an answer it is a human. That in itself is very refreshing. But what can you do to prepare your application?
I chat with Gillian Pickard of Finance For Enterprise on how best to approach potential lenders like themselves. Finance for Enterprise is a UK Government backed scheme and they often lend to people that the banks will not. I have detailed the questions I asked below so you can skip to that section.
01:07 – What do you look for in a proposition?
03:15 – What are the most common errors you find in an application?
05:50 – What is the minimum amount you will lend?
07:17 – Are your loans at a set percent or variable?
08:28 – Can you have a capital repayment holiday?
10:12 – Is it a Government backed scheme?
11:12 – What term are the loans over?
11:50 – Are the loans secured or unsecured?
13:24 – What advice would you give to someone looking take a start up loan?
16:15 – How long does the process take?
19:30 – Do you have any general advice?
View the Finance for Enterprise website where you can apply from anywhere in the UK.
If you enjoyed this article then you may also like our guide to Starting a Business in 2021 – Ten Essential Tips.