Where to get funding to start a new small business?

polen

Hi I wonder if anyone can help - my husband wants to start his own business which will be run from home but he needs funding and we don't know where to go for it.

He has a business plan, knows where he will get his machine from, his materials from, what he will charge for each product and how he will sell the products etc. - just doesn't have any money to get it off the ground. He needs £2,500 for the machine and materials.

He is in the process of building his website.

He has chosen to work from home because of health issues as his health issues mean he cannot commit to set days as he does not know how he will be from one day to the next but wants to work so working from home is it for him.

He has been to business gateway already but didn't find it very helpful.

Due to health issues the only money we have coming into the household at the moment is via benefits so have nothing spare.

Getting a bank loan is not an option as we have no extra income to pay it back.

We live in Midlothian.

Anything else we have come across is for school leavers or people in their 20's (Prince's trust etc.) - he is 37 (turns 38 in August)

Any advice would be really appreciated

Thanks for reading.

Violetta_2

http://www.scotland.gov.uk/Topics/Business-Industry/support/16879 has some info, I've just run through this questionnaire https://www.gov.uk/business-finance-explained/investment-finance & it came up with lot's of resources, not sure if it will be any use but must be worth a look, good luck.

keo_3

It was hard for me to decide what I wanted to do when I lost my job. I know for sure I didn't want to do the same thing I was doing. It paid me 6 figures but I didn't even get to see my boys. They lived in one place and I lived where I had to work. I wanted to stay with them and never be away from them anymore. I set up empowernetwork.com/keo3 and am so looking forward to never having to leave my two boys again. Hope that helped some.

Best wishes :beer:

Enid

:EasterBun ( this is so funny!!!)

tonyh66

I may be wrong, but generally when setting up a new business and looking for finance, the lenders like to see you putting money into it as well

cazziebo

tonyh66 wrote: »

I may be wrong, but generally when setting up a new business and looking for finance, the lenders like to see you putting money into it as well

You're not wrong, and any funding invested will be required to be paid back on a multiplier.

Ironically, it's much easier to raise £200k than it is to raise £2k from institutions. The only way I can see this is happening is to raise the sum personally.

ILW

Could you rent the machinery?

custardy

keo wrote: »

It was hard for me to decide what I wanted to do when I lost my job. I know for sure I didn't want to do the same thing I was doing. It paid me 6 figures but I didn't even get to see my boys. They lived in one place and I lived where I had to work. I wanted to stay with them and never be away from them anymore. I set up empowernetwork.com/**** and am so looking forward to never having to leave my two boys again. Hope that helped some.

Best wishes :beer:

Enid

:EasterBun ( this is so funny!!!)

If your business plan is spamming forums with referral links
its not going well

missslbell

Have you tried the alternative funding sources like, zopa, ratesetter , funding circle etc

Good Luck...

colino

DHP Scotland were the experts in helping business start-ups under both Business Gateway and special programmes for LTU and disabled returners. Might be worth trying them if they still have access to funding.

princeofpounds

Midlothian Council do appear to run a scheme for small loans:

http://www.midlothian.gov.uk/info/230/advice_and_support_for_businesses/185/funding/3

Follow the links around on their site and you get a few more resources

Violetta_2

polen has never been back since she posted this nearly a month ago. Maybe they aren't interested.