Business Loans for a Small Company: Sophie Fleming Case Study

At Sophie Fleming, we make luxury leather backpacks. They’re all made in England but we import the best quality fittings and leather all from Italy and they’re designed to be stylish as
well as practical. For me, the most expensive thing about starting up the business was buying the stock and the packaging. We had to look into the different options of funding that were available for starting a new company. and there are few things that were really important to, sort of, bear in mind. So, more obviously, you have to think about your credit rating and your credit score. Do you have a credit card already? The second thing is cash flow forecast. This is something you should have already anyway, along with your business plan and you obviously need to know the purpose of which you need that funding for. So if you’re going to the bank and you’re looking for a business loan, you need to be able to explain what you want to use that money for, and how you’re going to earn that back and grow your business. You can look at having a bank loan or there are also non-bank lenders available. But, thirdly, also peer-to-peer which is definitely worth taking into account and, I think it’s important to research all three of them for finding an option that actually suits you and your business plan. Getting an early cash injection was completely vital for Sophie Fleming. We wouldn’t have been able to launch without it. It’s definitely a very valid option and so many startups and young businesses can’t do without it. So, as long as you do your research and you find the right one for you then I think it’s definitely worth pursuing.

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