A loan for a new business?

Friday, 31 July 2009 01:27

A reader from Hampshire wants to start a new business, but needs help and is looking at loans.

Jo Crosse, Halifax and Bank of Scotland personal loans expert, tackles the problem.

Kevin from Portsmouth asks:

I am planning to start a small business selling pottery, which I make myself.

I need a loan to get me started.

Are there any specially designed for new businesses?

Jo replies:

Yes, business loans do exist, and may be offered by the business banking arm of your retail bank.

Information about these can usually be found online at any of the major bank websites; there are typically tips around starting up a business and details on cash-flow management etc.

Alternatively, you could visit your local bank and set up a meeting with their small business advisor.

You will also find some useful information on www.businesslink.gov.uk which provides a free business advice and support service for people starting their own business and will help you find the right finance for your business.

If you have a question for Jo, go to the myfinances.co.uk Ask the Loans Expert section.

Or for more information on your loans options go to personal loans at Halifax.

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