Hi, I am starting my own business and will be looking to contract hire. Am I correct in thinking that I am unable to without so many years of positive 'books', or is proof of current earnings on my current job enough as I will be running my own business alongside working full time.
Our expert Gary answered...
Hi Adam and thanks for your question. If you are starting a new business it would depend on what trading entity you will begin trading as. If you will be starting as a sole trader, the finance company will simply look at your personal credit history. Depending on the outcome of the searches they might ask for bank statements, and balance sheets including profit and loss for the business to help support the credit application. However, if you have started a new limited company, you will need to supply at least three months of business bank statements for the finance company. This is mainly to confirm the business is trading. As you would expect, there is very little trading history with new limited companies. Some, but not all of our funders, might ask you to be a guarantee on the finance if you are a new limited company.
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