Cash Injection for business

A

astraclub

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Hi there

I have opened a business after 6 months of beurocracy and other factor and initial results are good, The business will do good sometime after March/April when summer is on,
However, due to the waiting time of 6 months (yes, i missed, christmas and summer last year :-( ), We had to pay rent, esb bills etc.
now i am in need of 30k cash injection as to secure employees salary till july, i know we will do well in coming time, its just some cash injection.

Can i ask for a bank loan from the bank? We have not had a bank loan yet on company name and over expeted turn over for 2009 would be above €60k,
Can bank give me loan of 30-35k? I know banks are getting bailouts but not sure about small scale enterprenour like us,
any help/suggesstions on how to get some cash injected for 5-6 months

thanks

AC
 
You will need to convince the bank that the business will be able to repay the loan. This will have to be done by preparing a Profit and Loss AND a cash flow projection with back-up to justify your figures.
The bank will more than likely look for security as well- either a lien on the assets of the company or a personal guarantee
 
The bank will want security for sure.The amount of the loan looks very high when related to turnover.You indicate that you need the loan to cover wages from now to July say 6 months ,if the wage bill is 30K for 6 months and the projected turnover is 60K in 2009 how can you make a profit?
 
turnaover above 60k,
Am i right in assuming that Jan/Feb are slow and it starts picking up from april?
We will also squeeze some of the work force and see the minimum program
 
Am i right in assuming that Jan/Feb are slow and it starts picking up from april?
Click to expand...
I wouldn't assume anything.

It really depends on what your company does.
 
We successfully got a loan of 30k from the bank last week for working capital. After we were approved and given the loan the bank manager gave us a big speech about not to be listening to what George lee and the rest of the economists are saying, because despite everything going on, the banks are still open for business.
 
i mean.. let 1 or 2 go temporary basis..
minimum program means, have the monthly expenses and wages covered!
 
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