Need a business loan but got an IVA.

A question about : Need a business loan but got an IVA.

My business has been operational for 2 years, but I now need a business loan to help the business grow. I have an IVA which finishes the beginning of 2016 and can not get a business loan from my own bank. Any ideas as to where I can go to get the loan? I need Ј5k

Best answers:

• If your own bank won't touch it then you are unlikely to secure a loan from any of the other mainstream institutions. If friends or family can't help then you may not have an option to borrow.
• Isn't it against the terms of the IVA to take out a loan whilst on the IVA?
• Whilst you are in an IVA and most likely until 6 years after the date that you entered the IVA, it is improbable that anyone will agree finance for a capital raising loan (business or personal).
  If you have filed 2 sets of accounts for the business and they show sufficient profits and balance sheet (assuming the business is a limited company), you may be able to obtain asset finance but still not a loan for capital/cash raising.
• They will not touch you while in an IVA.
  You will need to speak to your insolvency practitioner.