Latest Business Banking Questions and Answers
Credit check for business account
My business partner and I recently were rejected for a business account application. (My credit score is excellent). Is a credit check performed only on a company director (my business partner) or the company secretary (myself) as well?
Can I open a business bank account after bankruptcy?
I was made bankrupt in February 2006 and discharged in September 2006. Will this stop me from opening a business bank account?
Where can I find extra funding?
How can I find additional funding from a bank after taking out a secured loan to start a family business in the South West?
changing bank accounts
We have a longstanding bank account and an excellent relationship with our account manager. Can a new MD change this account without other shareholders agreement?
Credit rating
My turnover has reduced by 75 per cent as a consequence of the recession. Now I have a poor credit rating and the bank will only provide an overdraft equivalent of only three weeks' turnover. We’ve been in business for three years. How can we negotiate terms?
Overdraft pulled
My bank has asked me to repay half of my overdraft as a loan over five years. This will put me under great pressure and probably force me to close my business. Is there anything I can do to fight their decision?
Seeking finance
I have a bad credit rating because one of my customers went under and put us in debt. Is there anything we can do to get a bank loan?
Business bank account
How much personal equity will I need in order to secure funding from a high street bank?
Bank pressure
I have a small business that recently expanded, leaving money a bit tight for the short term. My bank has given me 24 hours to agree to halving my overdraft and refinancing the difference in a loan to be repaid over five years. Is this right legally and morally? I have a sound business with no debts.
Finance for assets
I need finance to buy a small van for my company. How can I get help when the banks won’t help?
Bad credit rating
I have been refused a business bank account due to bad credit history. At present I do not have debt other then my mortgage. What should I do?
Business bank account
Do I need to open a business bank account or can I simply use my personal current account for my small business?
Expanding your business
We have an opportunity to expand our business geographically and add another office. The problem is, we don’t have the cash to do this at the moment as our business is seasonal, but we don’t want to miss out. Any advice?
Interest levels on business loans
What level of interest should I expect to pay for a business loan?
No permanent residential address
I am running a photography business from my yacht in the Caribbean. I do not have a permanent residential address. How can I best take money from my internet customers?
Finance for a van
I’ve just had my van stolen but luckily none of my tools were taken. I have some money, but it’s not enough to buy a new van, which is vital to my work. Is there anything I can do – loans or grants?
Banks and the SFLG scheme
Why are banks so reluctant to offer the Small Firms Loan Guarentee scheme and is it really under threat?
Why use business banking?
My wife and I want to start a boarding kennels business. There are a wide range of business bank accounts available but why use one when all it seems to do is cost money. Why won't an ordinary account do?
Franchise banking
I’m not convinced the bank manager at my local branch is knowledgeable enough about franchising to advise me on financial arrangements – what should I do?
Opening up a US dollar bank account
I was wondering how I would go about opening up a bank account in American dollars that would let me write US dollar cheques and deposit cheques in that currency? We have a UK operating address but a lot of American customers.
Accepting credit card payments
I am starting a business and hope to have customers all over the United Kingdom and Ireland. I need to know how to set up the acceptance of credit cards for over-the-phone payments. Can you help?
Bad banking practice
I requested an appointment to see my business bank manager to set up a business account and find funding to grow my business. It took five weeks for me to get a call from his secretary to send in my business plan. I sent this in only to get a very rude letter telling me they were not interested in my business as a pilates and sports injuries therapst. Why would my bank not even make an appointment with me to arrange for a business account and discussion about a business loan? Is this standard banking practice or just bad practice?
Opening a business bank account with bad credit
I have a bad credit history and am having difficulty opening a business bank account for my limited company. What else can I do?
Credit history issues: A way around?
I have opened a retail shop in a busy area, I am seeking a business bank account to enable credit/debit card payments. I currently have a very poor credit history but until 5 months ago it was very good. I have a partner with a good credit rating. Will she be able to apply if I make her a shareholder as I have chosen to make the company limited?
Paying excess charges
Do you know if all companies who receive alot of payments via credit card are able to do set up a system to stop paying charges on charges? If so how does one go about this? Presumably via Customs and Excise.
Financial allowances and grants
Is there any financial help available to tide me over the period at the start of a business when it’s not possible to pay a salary?
Securing an overdraft
I am having trouble securing an overdraft, do you have any advice?
Dealing with discrimination
I think my bank has discriminated against me (I am Asian) in refusing to give me an overdraft for my business. What do I do?
Register for credit card payments
I want to start a business over the internet. I only want to accept payments via credit card. How do I register to accept credit card payments and are there any pitfalls?
