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penno195
12-10-2004, 03:27 PM
Hi i am 17 and would like to start my business i have done all the reserch and business plan but i just need some funding as i have already done all i can like registar as a LTD and open bank account which i was denide for because of age i was wondering if my secretary can apply for the business bank account and business loan and if he got a business loan would if interfear with his morgage application would it reduce the amount he may borrow for that thank you Richard

penno195
12-10-2004, 03:31 PM
Also would it be a good idea to use DTI for securing the loan or just to see if the bank would lend with out it i am looking to borrow around 30k thanks Richard

Statler
14-10-2004, 09:23 AM
Hi Richard,

Providing your company secretary is 18 or over, then there shouldn't be a problem in setting up the bank account (I recommend shopping around the high street names for the best deal). A problem may occur if you apply for a 30K business bank loan though, as the bank will more than likely expect you to be investing a large sum of your own money in your venture. Obviously this is where the Small Business Service's (SBS) Small Firms Loan Guarantee Scheme may be able to help, though I'm not sure if your age will be a restriction. You can find out more about the scheme at:

http://www.dti.gov.uk/sflg/pdfs/sflg_booklet.pdf

I also suggest ringing them to clarify any questions you have about the scheme.

If your company secretary does have a large loan taken out in his name, then this may affect his mortgage application, but this will all depend on the lender, so he will be best off speaking to them directly to find out where he stands.

Good luck, and keep us informed of your progress,

Lee