funding to buy a business

superfly_2

An Australian mate of mine has decided to return to his home land. He works along side me but also runs a carpet cleaning company in his spare time and makes some serious money doing so. He intends to sell the business and everything that goes with it, eg small van, cleaning machine, hoses, chemicals etc. for around £7000.
I am intrested in buying this business but do not have the funds hidden away anywhere, need to find out the best way to fund this. I have around £2000 so would need at least £5000 to get started.
Any Ideas?

Tomthumb

Have you tried your bank? I applied with my bank (lloyds) online and they okayed it within minutes!!

superfly_2

yeah thought about it but i dont know wether to go for a business loan or personal loan. What are the benefits, will they give me a business loan etc.........

Tomthumb

I just said it was for 'home improvements'

superfly_2

thanks for that , do you think the business is worth the price. Assets amount to about £5000 and has several repeat customers so is £2000 decent for goodwill and advertising??

Tomthumb

I have no idea, but it's quite a low investment so not much of a gamble and the guy has a genuine reason for selling so it sounds good to me. Join http://www.ukbusinessforums.co.uk/forums/index.php they are great - it's not as busy as this forum so you won't get as many replies but if you go and introduce yourself and ask for advice you should get some more experienced people than me They have certainly helped me out!