Best Start Up Bank For New Business

pistolpetes11

Hi Folks ,

Just looking for advice on the best bank for a new start up business ,

The business is online and installation work in a Public and Private Hospital ,

Would probably be looking to get a cash flow loan to allow me to expand toward the UK market also ,

Thanks

Peter

Duckett

Peter
For start ups BoI, AIB and UB are each messaging that they are interested in supporting good proposals from early stage companies, particularly where there is solid revenues. However the universal question will what does your balance sheet like, who are the shareholders and "what can you offer a bank to give them confidence you can make repayments". They will also seek security and that needs to be solid - they are less likely to lend against HOPE. Suggest you provide more background on your proposal including details of the sector, previous trading history (if any!!)

antoinolachtnai

Really, the bank wants to finance tangible assets. They will finance based on other things, like your cashflow, but not really for a start-up situation where you can't show the operation and profitability.

You will need some other type of backing if you need significant finance to go into another market.

It may well be that you have an exceptional business with extremely strong cash flows and this might not apply to you. The bank might take one look at your trading history and open the vault. But it probably isn't that sort of business and they probably won't.

As for one bank over the other, it is really all about personal relationships. You really need to know people in and around the banks.

If you were picking on brand reputation and actual ability and willingness to lend money in general, you would probably pick Bank of Ireland. To be honest though, this shouldn't necessarily be the main criterion.

elastico

pistolpetes11 wrote: »

Hi Folks ,

Just looking for advice on the best bank for a new start up business ,

The business is online and installation work in a Public and Private Hospital ,

Would probably be looking to get a cash flow loan to allow me to expand toward the UK market also ,

Thanks

Peter

Go with the bank you have the best existing relationship with for your mortgages / personal banking already.

tacofries

I joined with AIB just recently. No quarterly fees for the first year (possibly 2) and free internet business banking for 2 years.