bank loans with bad personal credit rating

[toottoot]

Hello all, I was just wondering what my chances were of getting a small business loan (approx. £3,000) when I have a poor personal credit rating (due to having not worked due to children for 4 years and hidesous credit card spending in my youth!). I have put in approx. 5k of my own money to date and the business is developing well. Do the two go hand in hand or are they serperate? Will they laugh at me and tell me to go away?
Any advice much appreciated.
Thanks

[shamrocker]

If you have a good solid business plan and can show some proof of success within the business they I see no reason why you can't get £3,000. Do you already have a business bank account? I'd arrange a meeting with the business bank manager to discuss your business, and to discuss the possibility of having a loan. If you make your concerns known about a poor credit history and how it might affect your future ability to get credit he should certainly emphasise with you - as long as you can prove the business is sucessful. Just because you were a credit risk in your youth doesn't mean are exactly the same now - and this is what you have to sell to the bank. The fact thay you have already invested a considerable amount of your own money will do a lot for your credibility as far as the bank is concerned.

[toottoot]

Thanks for your reply, I will pass these on, it was for a family member who was new to the forum, they have now registered. I am also going to the bank with them for some support. I think banks can be quite scary places when you are on the younger side (she is 24) and even when you are older!