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Business Start Up loans
dr32_2
Posts: 2 Newbie
Can anyone help to point me in the right direction?
I'm trying to start a business which im trying to source finance for £60,000 unfortuntely I don't have enough equity in the house to pull out anything currently about 80%ltv and I dont have a great deal to put toward the venture. I have various notes of interest showing the demand for this product within the construction industry but i cant get the finance in place to move things forward. I have spoken to a number of high street banks regarding the EFG scheme the general comments I have received back are that I need to put in a min. £25,000 even under the EFG the government guarantee 75%, I also need to have a near full confirmed order book for the first 6 months. My lead in time is at least 2 months due to specialist equipment that's required. I've tried asset finance but its to specialist and the equipment is not in the UK. I have also tried business angels but that's a mine field trying to get the right offer. I had one investor who wanted 75% of my business. Any ideas would be much appreciated
I'm trying to start a business which im trying to source finance for £60,000 unfortuntely I don't have enough equity in the house to pull out anything currently about 80%ltv and I dont have a great deal to put toward the venture. I have various notes of interest showing the demand for this product within the construction industry but i cant get the finance in place to move things forward. I have spoken to a number of high street banks regarding the EFG scheme the general comments I have received back are that I need to put in a min. £25,000 even under the EFG the government guarantee 75%, I also need to have a near full confirmed order book for the first 6 months. My lead in time is at least 2 months due to specialist equipment that's required. I've tried asset finance but its to specialist and the equipment is not in the UK. I have also tried business angels but that's a mine field trying to get the right offer. I had one investor who wanted 75% of my business. Any ideas would be much appreciated
0
Comments
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If the bank doesnt think its a good idea, then I think you shall have to get a personal loan.Kind Regards
Bill0 -
Contact businesslink as they may be able to advise because they may know of a grant that you can apply for, also try a business angel.0
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