Have I missed anything?
After loosing virtually everything in 2009 and fighting back over 2010, I find myself with a lot of work on my books.
I had only hoped for a small percentage of the work I quoted as I didn’t go in cheap, but I did put in comprehensive quotes often correcting architects errors and planning iregularites.
Most of it is Schools both private and local authority. I also have some Airport work and several small housing estates.

Problem is after my losses in 2009 almost everything is shut to me, no overdaft. lending or cards.
Any ideas?@

One of the big schools jobs is Bucks County Council, and the airport work is Airport Authorities. I’m hoping those two names will stand for something.

Go back to the bank with your full order book?

Go back to the bank with your full order book?

Tried that with no joy. The AA will even advance the order to me as proof.
I’m only a supplier, but I have experience ‘on the tools’ I guess planners, architects and project managers etc like that extra bit of knowledge. The banks can’t see any of this, just my history.

Not sure how much you are trying to raise, but if it is < £75k you might want to look at Funding Circle. http://www.fundingcircle.com/borrow/

Reasonably sensible interest rates, from a collective of individual lenders (who will be interested in listening to the whole story and building up a picture of the business / people rather than a traditional bank).

if you’re supplying goods can you not talk to whoever you’d be buying them in from and ask them to extend their credit terms until you get paid? Assuming there isn’t much more than 90 days between you delivering goods and getting paid?

Doubt it most manufacturers/suppliers are a bit edgy at the moment, even reducing credit limits.
I have made sure any new customer agrees to 30 days, 90/120 were killing me.

Poly, I’ll look at that later thanks,

tbh, if your suppliers won’t risk it with you (and I guess they know you/trust you) then it’s not a surprise that a bank (who really only care about credit history etc) are also nervous.

I think as above, unless you can find an alternative source of funds via an ‘angel’ or (tricky one this) family member/friend then it’s going to be difficult.

Other thing is to look at trying to get goods off supplier and straight to customer and then factor the invoices so you have access to the invocie value immediately to pay supplier?

Factoring is a touchy subject. All the customers that collapsed on me were fully checked by the banks factoring team. So not only did my money get recoursed to them I also had to pay all the charges.

ah, sorry.

No worries.
They were all companies like Connaught, who went pop recently. Lesson learnt is deal with the man holding the money and avoid the contractors.

What is it you do? Email info@simoncarter.es if you don’t want to publish here, you can also send me details of the scoundrel in Madrid if you want me to get in touch with him.

Could you not subcontract the work out and take advantage of the subcontractor’s credit, for a small fee of course.

Perhaps not appropriate in your case but have a look here: http://www.bbaa.org.uk/index.php?id=440

No problem.
I supply industrial and commercial electrical and wiring goods, though I do go right down to domestic house wiring items.
I also provde schemes for lighting, heating and fire alarm systems as well as the associated emergency lighting.

I don’t actually carry out the work.

Still could you not sub the actual work out and basically act as an agent taking a cut as you are finding the work? This would keep your name in the marketplace for the future.

It’s a possibility, but times running out.
My best bet is a private investor, which is one of the reasons I went in high to cover a ‘cut’

Basically at the moment if you have no assets to put up as security for a loan/finance/business funding the bank will offer you the princly some of didly squat.
You can have the best business plan in the world all the finacial projections for every type of scenario but the bank wont give you the money unless they have a security on you that they can take if the loan goes sour.
*speaking from experience in dealing with my own business and banks

You could either just play the game and pay late, or negotiate paying a higher rate for extended payment terms, or if you use contractors, tell them you may need to pay them late. If you explain the situation to your creditors in advance, I’m sure they will help if they can afford to, especially in the current climate. We install Network cabling, Whiteboards, projectors, if theres anything I can do to help, give me a shout.

I have my house, got about 200K in that, but they won’t even consider it.
Basically a meeting with the bank lasts two minutes, as it’s all based on history.

I have my house, got about 200K in that, but they won’t even consider it.

this may work against you – bank (and any investor) will say “If he’s not prepared to put any of his own money into this why should we risk ours?”

[edit] sorry – meant if you’r enot prepared to offer equity in house as collateral.

Is there no way you can get the client to pay pro-forma for the materials, enticed with a discount from yourself?

Is there no way you can get the client to pay pro-forma for the materials, enticed with a discount from yourself?

I’ve tried this in the case of the schools where a budget has been set aside for works i.e the money is there. But everyone wants at least 30 days. I did think they’d go for savings of thousands over thirty days, but no.

Willing to use my house BTW but I can’t even get that far.

Basically at the moment if you have no assets to put up as security for a loan/finance/business funding the bank will offer you the princly some of didly squat.
You can have the best business plan in the world all the finacial projections for every type of scenario but the bank wont give you the money unless they have a security on you that they can take if the loan goes sour.
*speaking from experience in dealing with my own business and banks

I am afraid this is it. Unless you know someone with money, you don’t have much chance. My old mans business has new orders to the tune of half a million that need financing short term, the banks, private equity etc all said “No” without securty on the whole amount.

It is very frustrating that the banks are being like this, it was not this sort of lending that should have been stopped/cut and was never a problem in the first place.

A bank not prepared to take the deeds to a house as equity, bizarre. Sell it then.

Can you not remortgage your house independently and then put that cash in the business?

I can but the rates are terrible.

Just found out today that I have won ALL the jobs. First one needs lighting next Monday. Another school starts May. Luckilly the housing doesnt need me until September.
I’ve also been told by my accountant that she knows people that can help.
Fingers crossed.