I know there is a massive collection of knowledge on here, so thought i’d ask here first.
If a business wanted to borrow some money, but have a lovely purchase order for more (40% more) than what is required to borrow, but the Ltd company has no previous banking history due to it being a new ltd co’. The director has no outstanding finance or recent problems, but in 2006 a default was filed, but now settled…
We’re stuck! I dont want to use my current bank (lloyds) because I find them ever-so-slightly(!!!!) abhorrent to deal with, and natwest, i’d rather stick pins in my eyes than use them…. and barclay’s said no due to the default.
Does anyone have any suggestions as to who/where may well be able to help? with a bit more focus on the PO?
Period of credit = 3 months maximum! (should have it all back in the bank by 4 weeks!!)
Purchaser being a bit of a stick in the mud with that one, he wont cough up until the kit arrives – then its only labour payments due (50% during work and then remaining upon completion/handover)
Suppliers are being *really* difficult, its quite the specialised industry and there aren’t many people offering the kit I need (i.e. only one supplier)… not one of them will give me any form of credit, all saying they are reducing credit limits of existing customers!
I’m familiar with a directors loan, but not sure whether I can just borrow away??? I’m off to see my accountant on monday morning just to seek his suggestions, but business finance is something I know very little about, and during my business partnership, we always had 30 days with suppliers….
Posted 11 years ago
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