Banks are they helping small business?

Hi,
I'm trying to get finance for my business from banks !what a joke!!!!
Does anyone know of any other sources for £5,000 without paying double back in interest payments.

I have to say that it doesn't seem to be easy to get business loans out of banks at the moment, or at any time recently for that matter.

Depending on how much you're looking to borrow perhaps looking at venture capital could be an option if you need a considerable amount and have a strong business plan.....

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Bookkeeper London
Clearstone Bookkeepers and Accountants - providing bookkeeping services across London

In our country rules if you are business age is 10 years and 3 years old bank account with good monthly transaction report. Our company give you bank loan only 5% many people get benefits and strong his business.

How did you get on out of interest?

Must admit, from personal experience, we applied for a loan during the height of the financial crisis, to help fund a new project. Writing a business plan, with clearly defined and realistic goals seemed to do the trick, and we didn't have any problems.

It seems to be down to risk, and although banks are now very more aware and wary of risk, if you have a solid case, which you can back up with a sound plan and projection, and show you have taken risk on yourself, then this approach seems to work.

In otherwords, if I wanted to borrow £5k, then the bank will have wanted to see that I've already found £5k or more of my own money, and the plan is in progress.

I guess it's harder for a start up with no track record, and with little or nothing to put in to the pot. Asking for funding from this position will be high risk for any lender, bank or investor

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Steve

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As it happens, the Bank of Scotland telephoned me last year asking me if I wanted a loan rather than me asking them. I didn't so the conversation was rather short...

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I dont think so bank help small business owners and similarly i want to get some loan i need to have good salary and i have less then no bank will give me loan. Here in Dubai for personal loan you need to have 8000 dirhams salary but this amount of salary is not expected in this financial situation.

Band dont give loan to less salary person...

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That's like the old saying, "To be accepted for a loan first one must prove that it is not needed"

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Forgive me for being ignorant and not 100% clued up on this but didnt the government put aside Millions of pounds recently to help SME to obtain finance with a view to delaying interest and repayment to help continue trading

Government SME loans success depends on changes to bank lending practices, says expert

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Steve Jones
Bluefin Insurance Group
t : 07584 489546
steve.jones@bluefingroup.co.uk

I guess it's all relative to the cost of living in a particular country. It's interesting, having visited Dubai on business, you always associate it with wealth and a general high standard of living, but I guess that's an image that the government wants to project.

Out of curiosity, did a quick conversion, 8000 dirhams equates to £13,502 or $21,218, which would be considered a low salary in the UK or US, and I bet you would struggle (at least in the UK) to get a bank loan on that kind of salary.

Be interesting to know what an average salary is in Dubai.

Apparently in the UK, for a male it's £30,806 and for a female it's £24,046.
(UK Average Salary Graphs | Monster.co.uk)

Doesn't sound too bad, but cost of living here has gone through the roof
I'm guessing this would apply to current businesses as opposed to start ups, but likewise not sure of the details.

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Steve

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As times become harder, banks will become more strict with their lending practices - especially to small businesses and individuals. Good luck with all your endeavors.