Possible life changing loan

geewiz_3

Greetings,

Before I ask a question I'd like to say what a fantastic forum this is. I've spent ages reading through the tears, triumphs, advice etc. A truly invaluable asset to many.

Right, here goes. I am looking to change my career completely in order to build a better life for myself. This involves becoming a franchisee of an established, highly regarded franchise.

My hurdle is that I don't have any of my own cash to put towards the new business. My bank (Lloyds TSB) are prepared to lend up to 70% of the start-up costs as a small business development loan but the rest (15k) would need to come from me.
Is it idiotic to even try to get a personal loan for the 15k? I do have a 12k loan with Natwest that was for a vehicle for my current job and one cc with a couple hundred pounds owed. Payments are always met with no problem.

Would any lender in their right mind even consider it? I am fully confident in the ability of myself and the new business to cover any repayments.

I have a good idea what the answer will be but I just want to exhaust every possibility and maybe get a surprise.

Thanks in advance for any help, advice and criticism.

jonesMUFCforever

In one word NO.

You want the banks to take all the risk - if it goes wrong (and a large percentage of small businesses do go wrong in first 18 months)then what do you lose - answer nothing because it was not your money in the first place!
Worse case scenario - you get made bankrupt and the creditors can whistle for their money.