Business loan qualification:I would like to get loan to start my own business. But I don’t know that from where I can get the loan? How many options are available to get the loan for business? What is the qualification to get the loan for business? And how much loan I can get for business? And what is the procedure. ? I’m 32 years old man, working in a LIDL as a store-assistant for last two years. I have permanent job contract. I have EEA family member 5 years resident permit in UK and i will get permanent residency after 2 years. Please guide me that how i can get the loan for business? What is the procedure? Can i get or not? if Yes, then how? If no then why? looking forward for answer.thanksiqbal
HiThank you for your question and welcome to Just Answer.I will try and assist you.Can you let me know the following:- do you have any assets personally?- will you form a limited company?- what type of business do you wish to start?Kind regardsAJ
thanks for askingNo, i do not have any asset.I have two business ideas actually i'm thinking to start some fastfood (fish and chips) business. ORsome import&export business. any hope?regardsiqbal
HiThank you. The best thing to do is to speak to your business manager of the bank where you hold a current account as a starting point. Clearly both of these business with require capital and an overdraft facility.The following may help:- draw up a business plan detailing how you will use the loan and your cash forecasts at the very least;- consider forming a limited company, it will help limit your personal liability and help separate the assets from you personally which will make it easier for the bank to secure any loan. Which I can guarantee will be required.I look forward to hearing from you.Kind regardsAJ
thanks for your answercan you please explain me that what Limited Company is? What is the defination in easy words? and how can i make it? and why it is good/better choice? AND i did not understand these words clearly "it will help limit your personal liability and help separate the assets from you personally which will make it easier for the bank to secure any loan. Which I can guarantee will be required"3rdI have EEA family member 5 years resident permit, and after 2 years i will get Permanent Residency of UK. Am i eligible to apply for business Loan?4thhow much business Loan normally people can get easily? for example £20,000 to £40,000?my question has 4 parts, sorry for that, but i really need to know the answers. if you can help me out. thanks iqbal
HiI have responded to you on another thread.Kind regardsAJ
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