Monthly Archives: August 2021

Hot Business News Today

Can I open a business bank account after bankruptcy?

by  •  • 0 Comments

By Mike Conroy on Small Business – Advice and Ideas for UK Small Businesses and SMEs
If you are considering entering bankruptcy, it’s important that you take professional advice before doing so, as going bankrupt can have serious effects on you and your business depending on your individual circumstances.
Any businesses concerned about cash flow issues should speak to their financing provider as soon as possible to discuss what products and support may be available. These options may vary depending on your circumstances, but could include applying for or extending an overdraft, a working capital loan or other sources of finance such as invoice finance.
Can I run a business while bankrupt?
When you are subject to a bankruptcy order, there will be restrictions placed on you until you are discharged from bankruptcy. These restrictions depend on whether you’re a sole trader or have a limited company.
As an undischarged bankrupt (when your bankruptcy is still ongoing), you are not allowed to act as a company director. If you’re the sole director, personal bankruptcy can result in your company being liquidated.
>See also: Half a million businesses at risk of collapse without more support
Bankruptcy doesn’t have the same impact on sole traders. You can continue trading

Read more...

Hot Business News Today

How to get a business loan in 5 steps

by  •  • 0 Comments

By Timothy Adler on Small Business – Advice and Ideas for UK Small Businesses and SMEs
Running a successful small business requires healthy cash flow, sustainable growth, adaptability, and forward-planning. Naturally this may mean you require an extra injection of cash from time to time.
Business loans are one of the most common sources of finance for SMEs and with the growth in alternative finance providers, such as Capify, over the past decade, there are now loans designed to cover the specific needs of almost every organisation, no matter what shape or size.
Whether you want to hire more staff, ease cash flow issues, renovate your premises or even invest in new equipment, a business loan may be the right option for you. But where do you start?
In this guide we share our top tips and the steps you should take to get the type of small business loan you really need. These include:

Creating a business plan
How to research available lenders
Determining your chances of getting approved
Making sure you have all the necessary documents
Reviewing the proposed loan carefully

But first, let’s look a bit further into small business loans and the things that business owners looking for finance need to be aware of.
What is a

Read more...