Loans for new businesses

I am really wanting to open a new business - but it's a franchised business, how would I go about getting a loan to put the money upfront? What kind of things would they be looking for? I'm 23 and don't have any qualifications in business.

Any help/advice would be much a appreciated :o

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    how much do you want to borrow
    how much will you put up of your own money
    or do you have security (equity in property?)
    do you have a business plan
    have you previous experience of this business
  • Thanks for that - I'm looking into drawing up a business plan, as I was unsure as to what you even had to do!
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    If you have no experience of business, investigate your local chamber of commerce and/or Princes Trust who can offer free advice on starting a new business.. there may even be small grants/loans available.
  • Mark7799
    Mark7799 Posts: 4,806 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Gwlad heb iaith, gwlad heb galon
  • I am also looking to start up a new business.

    I do not own any property and aged 26. With a solid business plan and no bad credit history what kind of rate on a loan could i get.
  • sol224 wrote: »
    I am also looking to start up a new business.

    I do not own any property and aged 26. With a solid business plan and no bad credit history what kind of rate on a loan could i get.
    Have you got anything towards the cost of starting the business yourself?
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