How I Got A Business Loan⁄Funding At Age 18 UK!

What's good people, it's your boy Zee Silver and today I've got a special one for you lot today. I'm going to be showing you how to actually get funding slash loan for your business here in the UK and actually how to get money for your business right. This isn't just a video, I'm talking about someone who has experience, I'm going to actually show you how I did it myself and how I was able to complete the process in less than I think it was about a week or something like that. And also just before this video gets started as well, I'm only 18, my credit isn't nothing crazy, I don't have a crazy business idea and you know the process didn't take very long. So this is just kind of the sort of things I needed to hear because I thought it was impossible, I think like why would someone give an 18 year old you know thousands of pounds to start a business that's not even guaranteed or nothing and I was quite demotivated through the whole process but there was something about me that was just telling me look yo just do it and I'd done it and I received the money and you know it's a low interest loan and it's something that makes sense. So yeah so in this video I'm basically just talking to you a lot about my experience, how to do it, what I did and how I use ChatGPT for basically the whole process for the application. I'd literally just go to ChatGPT right, I would submit the question, I'd explain my background and I would just copy and paste the answers and I was able to do it right. So yeah without enough talking make sure you lot subscribe, I'm trying to give you as much game as I possibly can for my own personal experiences right, I'm only going to come here and talk about what I've done. So yeah so let's just get right into this, let's just quickly talk about why you might may want to get business funding and for me it was just because I had an idea and I won't lie all right I could be pretty bad with saving money sometimes so I was like okay let me try to get a loan, I've got the right idea, I've got suppliers, I've got the whole connect set up, let me try to get a loan and let me see if I can make this happen. So yeah so I did my research and I was really trying, I was trying, I was trying to get a loan everywhere, I'm talking I know I've run a few hard checks which I really shouldn't have done but I was trying to get a loan everywhere just because I wanted to get my idea started now, I didn't want to have to wait six months, seven months of saving, I'd rather just get a loan that's not even very high interest and just pay it when I can. So like I said I was trying to apply for a loan every single place, it's crazy and I was getting declined everywhere like I said I'm only 18 my credit isn't nothing too crazy but I was getting declined everywhere so I came across a video on YouTube and oh no I think it was TikTok actually the guy was explaining how he got up to 25 grand for his business and I was like that's that's crazy like that's crazy like let me try it but is it gonna work is it not gonna work I don't know and especially because it was with the uh the actual business bank here in the UK right it was the actual British business bank and there was a lot of self-doubt I'll tell you that there was a lot of self-doubt I was just thinking the whole time why would these guys give me you know thousands of pounds to start a business and I'm only 18 like even when I started application the application like I mentioned was quite long in terms of it took me about two three days to do which I could have definitely done a shorter time but I got lazy so yeah I came across this video and I just I started application and the first day I was like you know what's the point I was really about to give up and you know that's what I was about to do so I just went on the website and also by the way later in this video I'm going to show you like the actual I'm going to flip to my computer and I'll show you like how we did it but I was like why would these guys give me a loan or whatever so I literally just started application I guess in my case I had already kind of started a business I had sent the first third payment to my manufacturer and I guess that's what they wanted to see that look man I'm making moves I'm not exactly went full out but I've still used a bit of my own personal cash and I've tried to invest right I've seen that I'm trying to invest and you know maybe it's not going at the rate that I want or you know all that stuff so yeah I submitted the whole application they were just asking me a whole bunch of questions a whole bunch of questions and I was thinking like why do I need to do this but these questions that I answered helped me today so it's just managing cash what you're going to spend it on how you're going to do it why you're going to do it where you're going to do it and in the back of my head was like okay cool even if I come out unsuccessful with this application at least I understand what it is I'm trying to do a little bit better so it's a win-win kind of thing so I kind of went through the whole application I think it took me around two to three days if I was very serious I probably could have done it got it done within a day or two so I went through the whole application and you know it was quite long like I said but we're using chat gpt you know it was quite quick and like I said it helped me to understand my business so after submitting the application off and just doing some I think it was a personal survival plan which just kind of just broke down what my personal bills are for the month and just kind of if it's something I can afford which I do think that obviously I had to show them so yeah so I think that's like the second or third step and the final step was just uploading a few what's the word called a few bank statements and stuff like that and I was like I'm in trouble a little bit because my bank statements are not the best like sometimes like I said I can get a bit lazy with the money and it's just that's whatever so when it came to submit a bank statement I was like nah like I don't know if this is gonna work I don't know so I submitted everything through and I think so also you get assigned to a personal mentor so they're gonna go through your application and they're gonna see look this is where you can fix a little bit this is where you went wrong can you elaborate on this can you elaborate on that um so I think I think I got the guy the guy's name was Martin I big up him and he was a legend and yeah so he kind of went through my application and he said look Ezekiel this is where you you you can improve this is where you can fix and this is what will make a bit more sense he just gave me a few pointers originally the loan was for I would keep it I think it was about three and a half grand and I was eligible for more because I had already covered some of the costs with my own money from just working I was like let me not let me not overdo it kind of thing so yeah he went through the application he just and then he recommended me to do a five-year loan and I was like originally I was like nah because I don't want to pay too much interest by the way I think interest was about three to four percent which is nothing if you think about it it's nothing if it can help you get a few months years ahead that's nothing um so he said just change the application to just five years to a five-year loan right and then he said also if I wanted to pay the whole loan off tomorrow you can so I was like okay that makes sense lower monthly payments will also help with you being able to get you know successful in your application um yeah so I kind of cleaned up a little bit on them areas took me about a day just went through I think he asked for my passport or something like that or just a bit more proof of identity sorry so I uploaded all of that it was a quick process to be fair and then I think about maybe two days later or maybe the day later once it was all submitted I remember I woke up it was around half seven I quickly just checked my phone I checked my phone I checked my emails I went back to sleep then I woke up again in an hour and I seen it the application has been successful and I'm thinking like no like I don't know how to explain it in the sense of you know when you think about something and it actually happens it just you have to just take a step back and you're like you know that actually happened you know I'm saying we thank God also because you know without without him without this sort of outcome I wouldn't be able to run my business and also put picture on the screen of just my business as well I run a watch business I'll show you look now called Saint Don's here if that focuses yeah so I own a watch brand so it was quite expensive so I needed to cover a few costs so that's why I kind of went through the loan method so yeah once I once I seen that message I was like I'm like that's actually happening I couldn't believe it like I went to I went back to sleep and I was thinking like it's mad it's crazy it's crazy because I really did need it I did not want to waste any more months I had I had an idea I had a plan I wanted to put into action today and it's the same with you like man if you are working you've got a business you've got whatever it is give it a go I know people have this bad outlook on loans or whatever but if it can help you save a year a few years whatever then do it like why not especially if you're some I personally struggle with saving sometimes but I don't struggle paying bills that's the difference so if you've got an idea you're working just do it man why not you know why not thankfully for me everything's been going good so it's a decision I've never really looked back on and said oh why why did I do this or whatever so yeah that's basically my story now and I'm going to hop onto the computer and I'm going to kind of show you like the layout of how everything looks like and what you can expect and how I sped up the whole process instantly because I was not going to sit there typing away now I'm going to show you what to do what not to do and yeah let's go all right so you lot join me here my computer and as you lot can see I've got chatgbt up on the left and then I've got the actual application that all you guys if you decide to proceed will receive so I'm going to quickly just go over this quickly um don't want to bore you lot too much but as you lot can see for example it asks what is your short-term plan so for example the next six months and then for the guide the guidance bit is on the right and then you just kind of fill it out it says use the smart objective right which is smart measurable attainable realistic whatever so as you lot can see here yeah I put into chatgbt what is the short-term plan for a new business owner who owns a watch brand that sells watches and luxury watch cases and then I also put in bracket use smart right so look at that it just gives me the whole answer I think I shortened this I'm not too sure but then I just print it into here and that's it but you lot understand the gist right you ask chatgbt the same question the application is asking you right and then you can simply ask it to rewrite it right if you want to change the tone if you want to shorten it extend it right that's something you can do so then you have four parts to this to this template so the second one is just your PSP so it just asks you I've just typed in random numbers I've just typed in random numbers here and it just asks you okay call per month how much you make what's your bills right all of that stuff and you can just fill it out right to your personal liking and also don't forget you have to present payslips so I'm not saying it has to 100% match up but obviously it still has to be a little bit realistic right so don't go all deep and then the third bit it just asks you like what are your sales going to be like now you never know especially if you haven't started your business you don't know so I would just go with like I said I've just put random numbers in here as well just to kind of show you an example you know you can say that shouldn't you know it's going to cost you this much to make and that much to sell if it does not cost me 24.99 I wish but I don't know I just kept the margins quite high just so it kind of looks like you'll make you'll make more I hope you understand what I'm trying to say and then your fourth cash flow forecast so then now it just kind of asks you like okay cool so I think I'm going to make this much right and then the loan is going to cost me this much per month so it's going to set me back x y and z and then yeah it doesn't have to be 100% accurate this wasn't really accurate right but I've just said this is what my plan is right and it makes sense and like you can see it says two years for the long term but I ended up changing it to 60 months but if I wanted to pay in 24 I can I can simply log into the account and pardon sorry and pay as much as I want to but yeah that's pretty much it apart from them submitting your own personal information doing your credit check just your proof of identity just the basic stuff that's really all it is you're going to be assigned someone who reviews the application and then you guys can go from there and then you know that's basically it so yeah that's the end of this video I hope you lot found this useful and I'm not even trying to be biased but if this was a couple of months ago or whatever I definitely would have found this help for myself because I really needed the help and there's just a bunch a bunch of people just talking about what they don't know on the internet right I already told you I'm not going to come here and talk about yeah he did this he did that nah I'm going to show you love my own personal experience I'm always going to give you like the receipts as well and yeah I hope you lot use this as a startup to get your business started or you know kind of do what it is that you want to do so um yeah that's the end of this video make sure you subscribe I'm going to be dropping game I drop videos every single week and yeah let's go man