Need advice on how to go about getting a loan.

Arleen

What exactly in the IT sector? It's my neck of the woods, and let me tell you that if you have to be vague about your idea in IT, you don't have a good idea or the means required to execute it.
Also if it's in IT, you can do it part time, and maybe turn it full time in the future and without buying any expensive equipment.

leespot

On good thinking you can come up with a business plan, you have to actually have one before anyone will even talk to you. As someone else has said, anything in IT can be started part time and built up.

Entsolen

jonesMUFCforever wrote: »

OP from the way your first post is written suggests to me that you may not be a UK citizen -- is that correct?

If so you will not get anywhere near what you want until you have been here for at least 3 years.

I am a UK citizen.

Arleen wrote: »

What exactly in the IT sector? It's my neck of the woods, and let me tell you that if you have to be vague about your idea in IT, you don't have a good idea or the means required to execute it.
Also if it's in IT, you can do it part time, and maybe turn it full time in the future and without buying any expensive equipment.

It doesn't matter what it is. The plan will not be vague at all.

leespot wrote: »

On good thinking you can come up with a business plan, you have to actually have one before anyone will even talk to you. As someone else has said, anything in IT can be started part time and built up.

I have already made the decision that part time is not an option. I have already saved up fairly decent amount and will save up a bit more, however having some extra financing from a loan would make things a lot easier for me, hence I'm trying to figure out, what's the most I can get and where.

Pixie5740

If you don't already have a proper, detailed business plan how do you know how much you'll need? You'll need one before any lender is going to consider giving you a business loan.

Arleen

Entsolen wrote: »

I am a UK citizen.



It doesn't matter what it is. The plan will not be vague at all.



I have already made the decision that part time is not an option. I have already saved up fairly decent amount and will save up a bit more, however having some extra financing from a loan would make things a lot easier for me, hence I'm trying to figure out, what's the most I can get and where.

Well, it's your money in the end. But if you worry that by sharing your idea someone will be able to copy it, then what do you think will happen if your business will gain any traction at all? What will take you some months and 30k quid to develop, any dev studio can do in less than a month. And do it better, and with more marketing behind it at the same time.

bargainbetty

I also need to fund myself for food/rent/basic needs for roughly 2 years.

The bank will not lend you money for this. A business loan is for set up and equipment costs, not for paying your rent. You are going to need to save towards this, or work part time. You are going to have to work out your budgets for personal costs very closely, your business costs and then work out how much you will need to earn per month to cover that and your loan repayments too. If your business cannot bring in sufficient to meet your needs, you will need to maintain an income elsewhere.


Edit: As others have said, you will need to present a business plan to the bank detailing your projected income and expenditure and that will need to justify your loan. You need to keep your business and your personal costs separate for that purpose.

DCFC79

Entsolen wrote: »

I need the money to buy equipment. I also need to fund myself for food/rent/basic needs for roughly 2 years. I will also need to have some spare money in case I need to pay people for their work, as well as advertising costs and other costs...

I think I could come up with a really decent business plan, in the IT sector.

What equipment ? Have you looked into if it could be rented or another similar agreement eg like cars on hire purchase.

So you think you could come up with a really decent business plan, needs to be better than really decent, it needs to be very very good for the amount of money your asking for.

WillyWonga

If you really want this dream to happen you have to face reality. No bank will loan you money for a business start up with no plan.

You earn a decent amount, if you want to pursue your dream you will have to show commitment.

For the next 2 years it will be all work and no play, no enjoying the high life. Work, sleep, work. Save, save and save some more. This will show if you have the commitment to succeed.

Good luck

Superscrooge

Dragon's Den??

foxy-stoat

Entsolen wrote: »

I need the money to buy equipment. I also need to fund myself for food/rent/basic needs for roughly 2 years. I will also need to have some spare money in case I need to pay people for their work, as well as advertising costs and other costs...

Dont forget to include covering the monthly repayment costs for the loan that your planning on taking out....are you going to fund these with the loan as well? £25K over 3 years @ 8% is around £780 a month....if you can afford that then save £700 for a year or 2 and then do your business idea.

Good lucks.