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small business loan required, awkward situation im in tho due to getting divrced.

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icklejulez
icklejulez Posts: 1,209 Forumite
I wondered if anyone could give me some advice. I am currently a mum to 2 young children and have been working nights for 6 years. My husband walked out on us in January and i have been juggling work and sleep ever since plus most my money went on paying people to ababysit during the night and during the day. Ive always been interested in starting up my own business and feel i should use the skills i have aquired being a mum. My plan is a Washing/Ironing/Cleaning service and see how business picks up. Possibly employing others in the future. One major disadvantage being I dont drive. At present i have found a boyfriend that i know would help me out short term in between his day job but i cannot rely on his full time as its still early days. So part of my loan would be to help me do an intensive course and buy a vehicle. Nothing fancy. Financially though these are my obsticles:

I am currently doing no hours at the casino so my income since beginning of this month is 0. Up till then i was on £9800 for 24 hours a week. My house is valued at £130000 and i have a mortgage of £97500 on it but in mine and the husbands name till the divorce goes through and i am asking him to remove his name off the mortgage. On average i will need 16 hours a week coming through the busines sbut of course i would be aiming for 40 or more. I am hoping to get a loan of £2000 from a bank with a £500 deposit from myself(everything i have from selling my engagement ring). I also had adverse credit from 6 years ago i am hoping has gone from my credit score(only a default and it has been settled) and since the divorce i have had the odd missed payment as me and the ex were arguing about who should pay what.

Does anyone think a bank is likely to lend me the money if I draw up a suitable business plan and wher eis the best place to approach? Also any advice on wher ei can get help with setting up a business plan? I studies Bsuiness at GCSE and as part of my first year degree but nothing since.
Saving needed to emigrate to Oz
*September 2015*

£11,860.00 needed = £1,106 in savings

Comments

  • Mark7799
    Mark7799 Posts: 4,806 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    It would be hard but not impossible.

    I would suggest contacting Business Link first of all www.businesslink.gov.uk for advice on planning and funding. You may qualify for some grant assistance depending upon where you live (don't expect a lot - if you get anything it will more likely be hundreds rather than thousands).

    Good luck.

    Mark
    Gwlad heb iaith, gwlad heb galon
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