I have two bank loans, can I still apply for private funding for my small business?

Thank you for your question regarding applying for private funding when you already have two active bank loans. The answer to your question will depend on a number of factors.

It will first depend on the type of funding you seek and what the eligibility requirements and stipulations are. If you are applying for another loan, you should know that lenders will look at your debt to income ratio when considering your application.

If acquiring another loan would be difficult for you to afford at your current income, you may have difficulty obtaining another loan. If you are applying for a grant, you will want to check with the specific eligibility criteria or application requirements to find out if you qualify.

If private funding isn’t an option, you may want to consider government funding. Government funding may come in the form of grants or loans. Each fund has different eligibility criteria and terms and conditions. You can search for available funds by using the Startup Assessment Tool , a convenient app provided by the UKStartups.org.

There are hundreds of government funding schemes available for small business owners in the UK. In fact, our Funding Database currently has over 600 government funding schemes and over 500 private investors available for small business owners and startup entrepreneurs. What are you doing to take advantage of this? Become a member and start your search.

Take advantage of the Small Business Startup Assessment Tool below and see the tools and resources you need to succeed at starting your small business. It just takes 30 seconds and will also tell you if there may be any funding assistance available.

Be sure to look at the hundreds of daily questions and answers we have from entrepreneurs like you who want to learn more about starting a business, creating a business plan, searching for funding. Our small business experts take the time to answer each and every single question, so if you have something on your mind – we can help!

Need funding for your business?

Learn how you can get funding for your small business in the UK. It takes 30 seconds.