Yes, new businesses can be considered, though the range of lenders willing to look at a start-up is narrower than for an established company. Because the agreement is secured on the equipment, some funders will lend where they can see a credible plan, a sensible asset and a director with relevant experience. Acceptance is never guaranteed.
With little or no trading history, a lender has less to assess, so it leans on what it can see: your own background in the trade, the type of asset and how easily it could be resold, the deposit you can put in, and your personal credit profile. A director who has spent years in the sector buying a mainstream, liquid asset is a very different case from a first-time venture buying something specialist.
Expect a personal guarantee to be asked for on most start-up cases, and expect a deposit to help. If your business is very new and you have adverse credit personally, be prepared for a limited or negative response — we would rather say that at the outset than after several applications.
We have a dedicated page on new business asset finance, and we are happy to give you an honest read on whether a case is fundable before anything is submitted.
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Tell us what you’re looking to fund and Conor will come back to you personally — usually the same day. No credit check to enquire.