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Hello there,

My partner and I would like to set up a small time business in retail, I myself am 18 years old, my partner is 19. We are both currently unemployed.

We looked into starting our own business as a way forward, an alternative to a job, something WE have control over, our earnings will be governed not by someone else, but by our ability at what we do.

We have both been born into families that have a history of business managers and the like, so we’ve had some good knowledge from the start, hence why were oh so determined to succeed.

We are looking to secure a loan of £5000 (GBP) from the bank of our choice (Barclays most likely), with as little interest as possible.

We have a full, completed business plan that has been reviewed and given praise.

We are wholey confident in our plan and ourselves. Now we ask the question, What is the possibility of us securing a loan of £5000 from the bank, with little to offer them in terms of collateral, will a solid business plan and pitch be enough to sway their view?

Need pretty swift responses people, 10 Points to the most convincing answer.

Thanks in advance.

odds are it’s not going to happen. First requirement of a loan examination is the ability to repay the loan. YOu do not have that.

Take the business plan to the commercial loan department for review. If it’s as good as you say, they will be falling down to lend you the cash.

I have been ripped off by a loan company. What can I do?

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