Starting a new business

jsskgb2

Hi all,

My husband and i are looking to start our own business. We have researched it well and need about £20000 on top of the money we are investing to really get the business off the ground. We have a good bsuiness plan. Unfortunately we had to go bankrupt 3 years ago but after losing our family home etc etc we have managed to get ourself back on our feet. We have now got a car on finance and both have good jobs and our credit rating has improved but we want to knwo before we start applying for all kinds of mad loans if anyone has any advice on where would be the best place to go to borrow the extra money we need?

lincroft1710

How much of your own money are you proposing to put into the business and what collateral can you offer a lender?

If the answer to the first question is less than £20K, then you will struggle to find a reputable lender.

steve1980

The bankruptcy is not going to help you in any way.

Just because you have a car on finance (30 - 50% apr?) I doubt a bank will touch you for business finance.

What sort of business are you looking at starting that would need £20,000+ to get going?

jexygirl

Hi
Even without the history, if you are looking to borrow 20k, any bank would be expecting you to be putting in 40k for them to even consider a 20k loan, but that would be without the bankruptcy. Is that amount anywhere close to what you intend to put in yourselves as you mention? If so, you could try the banks etc. but in the current climate they are being REALLY tight on funding any sort of start ups or even existings and looking for any excuse not to take the "risk".
Is there any way of starting up without the funding on a smaller scale and build up?
Jex

nickj_2

i have to agree with jexy , with your past history and current climate i would think you'dstruggle to get any cash at all

COOLTRIKERCHICK

If you are earning good money in your current jobs... why dont you try and save the 20k?

plus why start your own business at the moment especially with borrowed money? or is this why you want to start the business with borrowed money, so you havent got your own money tied up, so no risk to you?

some people just want it all.......

sorry but i am just piddled off with people thinking that there is an easy way to get money to start a business.....

glasgowdan

You suggest you will be applying for 'all kinds of mad loans'. Bad move!

grey_lady

I thought you arent allowed to be a company director for six years if you've been made bankrupt?

chalkie99

grey_lady wrote: »

I thought you arent allowed to be a company director for six years if you've been made bankrupt?

But I don't see any mention of forming a Limited Company in the OP so that should not apply.