Business start up

jayneuk

Hi,

Wonder if anyone can help. Wasn't sure which forum to post this in.

Is there anything you can do if you want to start up a business by buying a franchise and need a loan to buy it, but have poor credit rating?

My friend and I have found a franchise we want to buy that we are sure we could make work. The cost is £9000, so it would be £4500 each. We both have bad credit ratings - she has been bankrupt but is now discharged. Neither of us can even open a bank account, so we would never get a bank loan would we?

Anyone got any ideas?

Regards Jayne

homer_j_3

You would need to probably need a private funder. Look for your local enterprise trust or google business link. There may be some advice on there that can be offered.

lilmissclass

I have the same issue. I want to buy into a franchise, its £15,000.

My credit rating was bad on one credit card almost 3 years ago (I missed quite a few payments)

I am not a homeowner

I have £2000 debt in overdraft, but nothing else.

I potentially have a few thousand coming my way in december, around 6 - 10 but I was planning on using that for start up costs, rent etc.

Anyone got any ideas if / how I could get a business loan??

lilmissclass

ideas? Anyone?

dannynixon

Think you need to start your own thread rather than hijack this one to get a better response to be honest

Noname29

unfortunately bad credit ratings hang about for a while.
there are some banks , however, that are keen to lend to Franchisors. I would suggest you ask the people who are selling the franchise who they bank with .
Do you care to share which franchise you are looking at ?

lilmissclass

dannynixon wrote: »

Think you need to start your own thread rather than hijack this one to get a better response to be honest

apologies - i am an avid fan of the forum but this was my first post.

I was merely trying to be efficient instead of taking up an additional thread. I will open one now.

many thanks.

dannynixon

lilmissclass wrote: »

apologies - i am an avid fan of the forum but this was my first post.

I was merely trying to be efficient instead of taking up an additional thread. I will open one now.

many thanks.

Just read that and it may have seemed a little abrupt. Didn't mean it badly or anything but I think you would get a much better response if you started your own thread