Finance Needed... Any suggestions?

2 Replies
berniemac

1343078679

Message

Does anyone know of an financial institutions or private lenders that are prepared to lend to small businesses in The Algarve. I am trying to source a relatively small amount, €10,000 and have assets to put up as collateral. It is for expansion of an existing business which has grown at a fantastic rate over the past twelve months and the money is needed to facilitate expansion that is needed. The banks are a waste of time and unwilling to help so thought I would try this forum.

Replies

ljb0205 1343201948



Hi seems strange if the business is expanding quickly, the bank you bank with wont lend as they must see how your accounts are going.
Dont know of any finance houses, but try BES in Loule they have a young team their, promise to give them the company account might help.
Good Luck with your search and hope you continue to grow

berniemac 1343210666



Thanks for your reply. Not strange at all, BES, Totta, Barclays, Millenium etc are not an option as I have spoken to them all. I have been self employed here for ten years and, stupidly, only have one account. I already have a 3.5K overdraft and 3k loan with my bank which got me this far. They will not do any more.

Second problem is that it is an internet based business and none of the banks are interested in an "unsecured" loan or in something they cant come and repossess. I need someone who sees the value in what I am doing and my business isn't in the banks flowchart!

I will easily have the money I need in twelve months time at the current rate of growth but I'd rather get the software upgrades etc all done this month rather than doing them as I go along as I have been doing.

I am quite happy to offer 20% interest. €12,000 for €10,000 over 2 years at €500 per month. (10% per year which is better than anyone is getting in the bank).

Thanks again.

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