Start-up business loans

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Libby James
Merchant Services Expert

Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media.

What is a start-up company?

Start-up businesses are new companies in the early stages of development. In the beginning, these companies are often funded by the owners, investors or new business financing. Securing financing for a new business, whether a ltd company, sole trader or partnership, can sometimes be a confusing and overwhelming process and many entrepreneurs feel the pressure and understand the importance of getting the very best start-up loans for them at the best possible rates. We’ve put together some tips to help you do so.

What is a start-up loan?

When it comes to financing a new business most of us do not have the funds readily available to do so! Business start-up loans are specifically designed for owners who are ready to take the plunge into starting their own company or those who are already working on an idea that is still in its early stages. It’s important to point out that start-up loans aren’t just for brand new businesses. For example, if you are already incorporated and have funded the first few months of your business personally and your company is less than 24 months old you could still apply for a start-up loan.

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International payment gateway providers

If you are searching for the best European provider, or for something a little further afield, our experts can point you in the right direction. A lot of businesses feel that this may be harder to secure however, if you have the correct licensing and a merchant account in place, this is relatively straightforward. Any issues are usually related to sourcing the right merchant account to pair with your payment gateway. We can help with this if you come across similar problems.

How to finance a franchise start up

Franchise start up loans are available and in most cases the application process tends to be a little more straight forward, the reason for this is because often the business viability has already been checked out by the franchiser. Also the cash flow projections and business plans are often a lot more accurate.

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Will financing a business start-up include a credit check?

More often than not the answer is yes, taking out a start-up business loan is similar to taking out personal finance, you are liable for the repayments. Because of this the loan companies will want to conduct full referencing prior to agreeing to lend. Finding start-up business loans without personal guarantee is almost impossible!

Obtaining financing for a new business with bad credit

A lot of applicants are concerned about applying for start-up loans for business due to historic adverse credit or poor credit. Each start up finance company will have different lending criteria, therefore although you may be declined with one bank or lender you could get accepted elsewhere. Our advice is to speak to an expert, when it comes to bad credit lending. We can help point you in the right direction.

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Start-up loans for women

We get asked regularly about business start-up loans specifically for women the reason for this was that the UK government recently run a scheme to encourage women entrepreneurs. The facts are that if you are wishing to secure financing for a new business, your sex is irrelevant!

Start-up loans for young entrepreneurs

Some start-up loans companies have products available for younger entrepreneurs, due to the target age of the applicants the term can be stretched making the repayments more affordable. It’s worth mentioning the longer the term the more interest paid overall. This start-up finance option often comes with additional benefits such as help and support with getting your business off the ground!

What will the start-up loans company expect in terms of paperwork?

To speed up the process it’s advisable that you have all paperwork to hand prior to submitting the application. The lengthiest parts tend to be the finalized business plan and cash flow projections. These will be submitted alongside personal documentation such as bank statements and ID.

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New business equipment financing

Start-up business equipment financing can be slightly different to securing a standard business start-up finance the reason for this is instead of choosing to take out personal business finance you could opt to use asset finance instead, the loan is secured against your new equipment. However, if you fail to make the repayments your equipment could be repossessed.

Alternative types of financing for a new business

If you wish to explore other options of financing a new business we have put together a separate quick guide. CLICK HERE

At Merchant Advice Service, we work with lenders to help you in finding the very best loans for start-up companies. Our experts specialise in the following areas, so speak to us today for a free quotation;

Loans for business start-ups in the UK and EU

High risk start up business loans
Financing a new business with bad credit
Large start up loans, for restaurants or catering businesses
Quick approval business start-up loans
Equipment financing for start-up business

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Libby James

Libby James Co-founded Merchant Advice Service alongside David Bird in 2016. Her finance background, coupled with retail and customer service experience, gave Libby the drive to bring transparency and non-biased advice to the world of merchant services. Having come from the heavily regulated mortgage and insurance industry, Libby found it puzzling that other financial sectors lacked regulation and transparency leaving customers confused and unable to make informed decisions when it came to accepting card payments. This was soon to become Libby’s obsession!

With the help of some of the industry’s best, Libby began to research acquiring banks, complex terminology/regulation, and the problems customers experience within merchant services and payment gateway markets. She spent years on sourcing solutions for complex clients, which previously others were unable to assist with. Libby established relationships with brokers and banks which would soon form the cornerstone of Merchant Advice Service. As a result Libby has been featured in high-profile publications across the web.

Libby is proud to be the entrepreneur’s champion, supporting start-up businesses regularly. Her industry insights can often be found on LinkedIn where she provides free of charge advice and money saving pointers. It’s safe to say she has her finger on the pulse of everything card payments related.

Libby speaks of her experience in founding and running Merchant Advice Service…

‘Merchant Advice Service is one of my greatest achievements to date. We help business owners to overcome card processing issues which can become detrimental to their business. We assist SME’s in finding suitable card payments solutions, helping them create their vision. Each and every day is different, exciting and fore filling. As technology advances I can’t wait to see the way in which the merchant services market advances, and I’m pleased that our business will play a part in educating company owners along the way.’

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