The best business account for a start up loan?

[beads4breakfast]

I want to expand vickiesbeads and offer a wider range. I have done my business plan spent ages on it and even did a shopping list and the prices I would buy at and worked out the prices I sell at and what the profit margin would be and all that jazz

I have telephoned my bank where I have my business account with Lloyds and basically got told that by the looks of my account and the amount of money that had been through it over the year I would more and likely be turned down.    So didn't go any further now I am slowly getting mad thinking that was easy for them to brush me off!!  

Who in your best experience or from what you have heard would be good to go to and apply.

I do have a bad credit rating but slowly dragging it back up everything being paid on time etc... and doing all the things I am supposed to do to get it back up all I need is someone to give me a chance I am not asking for 10's of thousands. I have worked out £4k at a push would get me started £5k would be better.  

Other than that its going to be piling it all on a credit card I have and paying extra interest on it. :(

[RB_Beads]

It doesnt have to be a business loan from a bank to start up, you can take a personal loan!

I thought it had to be from a bank too, but my accountant informed me it didnt matter and you dont need a business plan etc for a personal loan!

[beads4breakfast]

thats probably buggered that up then :( I will have to talk to someone at the bank personally instead of over the phone.

[scotserve]

I have worked out £4k at a push would get me started £5k would be better.

There is a huge problem when asking for finance - if your business plan says you need 5k then thats what you need, if you show your indecisive about the needs of the company they will almost certainly turn you down

[seamus]

There is a huge problem when asking for finance - if your business plan says you need 5k then thats what you need, if you show your indecisive about the needs of the company they will almost certainly turn you down

very true,
you'll need to know your numbers inside out and be able to explain what you intent to spend every penny on and give realistic projections for the following year after the cash injection. Your financial projections should have three figues, 1) bottom line break even point including the repayments, 2) expected turnover and reasons why that figure is acheivable and 3) top line, what you expect to turnover if you work flat out, your maximum turnover possible.

You only need to prove you can make your bottom line, but you will need to explain a marketing plan and detail everything you will be doing to make sure you atleast hit your bottom line figure.

Sounds complicated, but its not really