business loans

lee8040

me and my girlfriend want to start our own business. We have the skills etc but its just the capital that we will need to start the business up. Whats the best thing to do to get the money for a business, a business loan, personal loan etc? we will have about £5000 deposit to put against the loan and i reckon to get the premises etc will be about £140,000. Where should we look for the money?

ty

king100

Also in same boat looking for a business loan (got bad credit) and only 5k. So i will be watching this post for some ideas.

Sorry the response wasent what you wanted.

lee8040

may i ask what type of business your looking to setup?


may come in useful if its anything in common with what were doing, plus doubt were in same area so wouldnt be stealing any customers lol

jonesMUFCforever

Well you could rent premises instead of buying until you are established.
Your local council will have small business advisers (or tell you where you can find them) and your local business bank manager will let you know how much you can borrow etc.
First thing to do is to draw up a detailed business plan.

mortidiam

ejones999
I love your sentiment "What goes around - comes around give lots and you will receive lots"

Unfortunately that hasn't been the case for me, i've spent my whole life giving to others, time, money, advise, assistance and now when i ask those for help nothing, it's really knocked me down, i've never asked anything of anyone never, and now when i need a little financial assistance and i really mena a little, no one even respond to me, i must have gave away not even loaned thousands over the years to friends and family. So i wish your words of wisdom were true

jonesMUFCforever

Perhaps I should change it then to 'Life's a !!!!!' - what do you think?

Mark7799

lee8040 wrote: »

me and my girlfriend want to start our own business. We have the skills etc but its just the capital that we will need to start the business up. Whats the best thing to do to get the money for a business, a business loan, personal loan etc? we will have about £5000 deposit to put against the loan and i reckon to get the premises etc will be about £140,000. Where should we look for the money?

ty

As was said elsewhere, why are you looking to buy premises? TBH I doubt you will be able to raise the shortfall from bank borrowing because your contribution is so low. Back to the planning stage!

Suziebabe40

I agree entirely maybe it's just being optimistic in my experience it's "give lots and you get the p*** taken out of you" maybe it should be changed LOL

chinup_3

with business finance you will need almost always 15% of sum needed ie for you to get 85% ltv. forget banks lately for business finance, they just don't want to know. welcome to pm me but think you need to downsize plans without being pessimistic.

jonesMUFCforever

Suziebabe40 wrote: »

I agree entirely maybe it's just being optimistic in my experience it's "give lots and you get the p*** taken out of you" maybe it should be changed LOL

Thanks for that Suziebabe40.

Does the 40 relate to your age or IQ?

sundancer101

lee8040 wrote: »

me and my girlfriend want to start our own business. We have the skills etc but its just the capital that we will need to start the business up. Whats the best thing to do to get the money for a business, a business loan, personal loan etc? we will have about £5000 deposit to put against the loan and i reckon to get the premises etc will be about £140,000. Where should we look for the money?

ty

You will have no chance of getting a commercial mortgage with that sort of deposit, as chinup said around 15% for a deposit is really the minimum.
Again, as previously said can you not rent a premises to start off?
Lenders will be looking for security on any loan - do you have equity in your house? Having said that, using your home as security on a start up business is a frightening prospect lol!
Another option is the government small business guarantee scheme (I think that's the correct title), this is where you pay a premium for the guarantee end the government then provides the security incase you fold.
I'm sure you can find more about this via Google.

Anyways, good luck in your venture