need to source finance for growth

[Tony Sheppard]

I have been running my business for about 18 months now, and we have seen a steady increase in turnover, but over the last 2/3 months, we have seen a massize increase in work oppurtunities,
so to move the business forward and exspand, comes the situation of borrowing money, I have spoken to my bank and to raise the 100k we would need to move to a larger unit, and kit it out, they would need me to put my house on the line, something I dont really want to do,
So hear comes the question, how can I go about riseing the kind of money I need with out the risk to the family home, would I be better off to turn the business in to a ltd company,

Any ideas on how best to move forward would be great.

Many Thanks
Tony

[Ian J]

Speak to your accountant about whether the time is now right for you to incorporate the business into a Limited company but it won't help you with this problem as the bank will probably only lend to the new company if you personally guarantee the debt.

If you are buying a freehold you may be able to obtain a commercial mortgage for much of the amount but if the money is mainly for fixtures & fittings you may have a harder time raising the cash without security.

[mmakari]

Hi Tony

I strongly suggest you set up as a limited company as you would should anything happen to your company avoid personal liabilities. After all it all needs a recession in a market sector...

With regard to unsecured finance, we specialise in this and can help you raise the finance as you require totally unsecured and with no charges on your home or possessions. Email me on my personal email moh@makari.fsworld.co.uk with your contact details, your circumstances and requirements and I will try my best to assist you.

Regards

Moh.

[inbakumar]

Originally Posted by mmakari

Hi Tony

I strongly suggest you set up as a limited company as you would should anything happen to your company avoid personal liabilities.

...and do not give any personal guarantees either. Such guarantees would take away some of the benefits of incorporating your business as a LTD company.

What line of business you are in Tony? If you could provide some details then I could come up with some options for you to consider.

Best wishes,

[keycard]

hi good advise i may be able to source some none secured funding

call me on 0845 450 8882 or amenity@fsmail.net

[Tony Sheppard]

Thank you, for all the help and advice, and sorry ive have not been around busy hear right now, but to take a look at things in a bit more, a lot of our business is seasonal april-september, we already have confirmed bookings for 400k of business during that period and could subject to finance double that with another 200K business over the rest of the year, i have spoken to my bank and looked at invoice finance, but no luck so far

[Ian J]

Originally Posted by Tony Sheppard

i have spoken to my bank and looked at invoice finance, but no luck so far

If invoice finance is feasable I would be happy to look at it for you

[aaacbc]

For raising money use our Investment Kit

[profitxchange]

Has your bank offered the small firms Loan Guarantee scheme? If not take a look - go to the DTI web site and down load the guidance notes. It is specifically aimed at start ups and young businesses. It carries apremium but the DTI underwrites 75% of the security. You do not have to take the scheme thru your own bank you can shop around.