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  • #991409
    DanniB
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    Hey All,

    Does anyone have any advise on which banks are open to assessing a new business start up loan request?

    I just spoke to Bankwest & they wouldn’t look at us even for a credit card until we have 12 months of trading history.

    Thanks :-)

    #1181431
    JustinHyde
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    Hi DanniB

    I think “best banks for business loans” is a bit of an oxymoron. Unfortunately, unless you have security to offer (and don’t write “starting a new business” as the reason for the loan) the banks won’t go near a new business. In fact, even if you have a couple of years worth of (profitable) trading history, you may still struggle. Once you’re trading however, if it’s a retail business you can look at merchant cash advances or if you issue goods on credit, invoice finance may be an option. In the case of invoice finance, limited trading history is not typically an issue to getting the funding. Track down a good (business) finance broker for some independent advice on your options once you’re at that stage.

    Personally, I’d suggest friends and family followed by equity/angel investors, depending on the appeal of your business idea and how much you need to raise.

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