Loans
All entrepreneurs have to deal with banks. They can provide funds in the form of loans and overdrafts if they like your business plan. When you meet with the bank, there are a few things that you can do to make a great impression:
- Be on time and look tidy. Turning up late won’t give a good impression and they may not take you seriously if you look untidy.
- Take a spare copy of your business plan. This should be complete, neat and clearly marked with your contact details and ready for you to hand over.
- Take any products, posters, website details or items that help explain your idea and market niche.
- Remember to smile. Even if they turn you down now, you need them on your side.
Our favourite links
businesslink.gov.uk Business Link has a guide to borrowing for your business, including useful advice on where to look for a loan
princes-trust.org.uk The Prince's Trust offers low interest loans for unemployed 18-30 year-olds in England.
Other useful links
dti.gov.uk The Small Firms Loan Guarantee Scheme might help you secure the loan that you want, by providing lenders with a guarantee against defaulting on loan payments under certain circumstance.
freshbusinessthinking.comAn online resouce for entrepreneurs where can source information and advice to help you run your business more effectively and efficientlyicof.co.uk Co-operate & Community Finance provides loan finances for co-operatives, employee-owned businesses and social enterprises.
Regional links
England
princes-trust.org.uk The Prince's Trust offers low interest loans for unemployed 18-30 year-olds in England.
East Midlands
emda.org.uk The East Midlands Regional Development Agency website lists a number of loan sources for businesses in the region.
first-enterprise.co.uk First Enterprise offers business loans to small businesses in the East Midlands, with a focus on ethnic minorities and the socially excluded.
London
gle.co.uk GLE oneLondon is run by Greater London Enterprise - London's economic development company which is wholly owned by London's 33 boroughs. It specialises in lending to businesses when the banks won't help.
North west
nwda.co.uk The North West Regional Development Agency offers loans to start-ups, small businesses and social enterprises in the region. Loans are available to businesses that have been unable to raise any or part of the funding they need from the banking and financial services sector alone.
West Midlands
warwickshire.gov.uk Warwickshire County Council's Small Business Loan Scheme offers loans to small businesses in Coventry and Warwickshire that have been unable to secure sufficient funds through other sources.
westmidlandsfinance.com Search the West Midlands Access to Finance database for information about loans and other funding sources available to businesses in the region.
Yorkshire
partnershipif.co.uk Partnership Investment Finance offers loans to small businesses and social enterprises in the Yorkshire, Humberside and North Lincolnshire regions.
syif.co.uk South Yorkshire Investment Fund offers loans to businesses based in South Yorkshire, to support projects that would otherwise not happen.
Northern Ireland
aspireloans.com Aspire Micro Finance is a not-for-profit, community-based loan company, offering small loans to people who work for themselves in the Belfast, Newtownabbey, Mallusk, Lisburn or Derry/Londonderry areas.
Scotland
psybt.org.uk The Prince's Scottish Youth Business Trust offers low interest loans to young people starting out in business in Scotland.
Wales
financewales.co.ukEstablished by the Welsh Development Agency and the Welsh Assembly Government, Finance Wales offers loans and micro loans to small and medium sized businesses in Wales.