Loan to start new business advice

paddyrg

Hiya,

I'm afraid I also think you'll have the devil's own job getting anyone to lend you £30k based on your history with credit from the initial post.

But beyond that - you and two others (friends?) want to start a business requiring a £90k startup cost from nothing? That's a HUGE initial investment - is it really needed all in one go upfront? Is it a large capital purchase? If so, look at leasing. Is it rent? Rent a cheaper location. Is it a franchise? Ask a current franchisee wanting to expand to join as a partner. Starting a business, access to cash (even if it's a line of credit) is the #1 killer - many companies starve whilst waiting for payment. £90k suggests a huge value of business, which suggests big contract values, which suggests great exposure.

Maybe post a little about the idea on the small biz forum here - unlike most forums it's largely populated with actual small business owners who are happy to give impartial, undramatic advice. They may be able to make other suggestions to help to make your startup more viable.

CHR15

Sounds like you want a 30k gift and only start to repay when your 30% share makes enough profit to afford the repayments.

what is the plan if it doesn't take off?

I can't help but think you are the one who is having a lucky escape, I hope the other two have a better plan than repaying with the profits.