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blackcountrychap
Posts: 6
Forumite
in Loans
Hi folks
I lost my job in March and have been unemployed since. The company and industry I worked in was a niche market selling a brand name to the uk.
They have stopped selling this product which has left a gap in the uk. I want to set up a company but need the initial investment to purchase the product. My issue is we are on a DMP and the usual routes to obtaining a start up loan for a business is closed due to our current DMP. Our mortgage is paid off so the only debt we have is the DMP.
Can anyone recommend the best way to obtain a start up loan please. I’ve tried the local credit unions, biz Britain and one or two others.
I’ve looked at Angels but the want anything from 30% upwards of my business for a 25k injection.
Many thanks in advance
I lost my job in March and have been unemployed since. The company and industry I worked in was a niche market selling a brand name to the uk.
They have stopped selling this product which has left a gap in the uk. I want to set up a company but need the initial investment to purchase the product. My issue is we are on a DMP and the usual routes to obtaining a start up loan for a business is closed due to our current DMP. Our mortgage is paid off so the only debt we have is the DMP.
Can anyone recommend the best way to obtain a start up loan please. I’ve tried the local credit unions, biz Britain and one or two others.
I’ve looked at Angels but the want anything from 30% upwards of my business for a 25k injection.
Many thanks in advance
0
Comments
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Without making a significant contribution of your own to the costs, you're going to struggle to get any kind on traditional loan.0
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Sorry to burst your balloon here - but if you do not have the capital to start it - in your circumstances it just ain't going to happen.
You need some kind of investment angel - Google it - just don't pay any upfront fees.0 -
How long can you wait to do this? if its a really really good idea why not sell your house, pay off the DMP and use some capital towards staring the business, then either downsize or even rent for a period, if that idea doesn't appeal is the business idea that good?0
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