Hi,
Myself and a friend of mine are looking to open a cloth shop in a busy high street. My background is in IT and my partner has over 20 years experience in Apparels trade. I am trying to figure out what is the likely hood of getting a lender to lend us money secured by DTI (Small Firms Loan Guarantee scheme)? I am just gathering facts from people who might have had dealings in this area.
Will the bank automatically disregard us for a loan through DTI as we have positive equity in our houses? This is a start-up and first business for both of us.
If we were to get funding this way I understand funding through this only secures 75% of the loan so the banks still has to be willing to take a risk on the 25% of the loan. Will they look to protect there investment through company assets or equity in our houses?
Thanks
J Mann