Getting funds to start a business

honeymonster

Apart from the obvious sources such as banks are their any other sources of funds for new start ups. I dont mind taking out a personal loan, the only problem is every bank I spoke to said you can't get it for more than five years.

R3al

You should try your local enterprise boards and Dept of social welfare, see the following link:

http://www.borderwise.ie/en/CBMLP/Cross-Border-Mobility/Work/Current-Topics/Business-Start-up-Grants-in-the-Republic-of-Ireland/

Hussard

Private investors can often be a good source, so long as you have a good business plan, a strong personality and an ability to sell yourself.

I gave a talk last year to start up companies on the importance of getting your message out to the media as soon as you are launched so that you can not only attract custom but also potential investors in the business.

The third party validation of a good newspaper article is worth a lot.

kitesurfingbum

I have received grants from the enterprise board its quite simple

I have found dealing with them quite easy, but remember they are part of the civil service, so make sure all t are crossed and i's dotted.

It only takes a day or so to prepare the business plan, don't get bogged down and spend to much time on it. As the plan should evolve as the business grows.

If you have a good plan then you will get an interview, the interviews are easy, they are interested to see if you can start the company.
They are there to help, ask for advice, they see people like you every day and are able to help, either with advice or with contacts.

PM me if you want to talk it over

ditpoker

on this note, as an individual if i have zero savings but perfect credit history, is it possible to obtain funding from an ent board or a bank for, for example, a franchise? i.e. buying an existing successful business model, like opening a coffee shop??

STBR

Venture Capitalists, Entreprise Boards, etc.

There are plenty of VCs to go to, some of them are focused on a specific area.

E.g. Y Combinator is a SF-based VC for web startups and software startups, so they would understand everything you need, how to go about it, etc.

More than likely there are VCs related to whatever field you wish to go into.

finisklin

I have heard some scary stories in relation to the banks and credit facilities recently. Its a common theme across AIB & BOI, regardless of business performance facilities are withdrawn, non extended and in some cases reduced.

Its just not a happy time to be looking for funds....

Best of luck with it!

stepbar

finisklin wrote: »

I have heard some scary stories in relation to the banks and credit facilities recently. Its a common theme across AIB & BOI, regardless of business performance facilities are withdrawn, non extended and in some cases reduced.

Its just not a happy time to be looking for funds....

Best of luck with it!

Is it now? Is this just hearsay or fact?

STBR

finisklin wrote: »

I have heard some scary stories in relation to the banks and credit facilities recently. Its a common theme across AIB & BOI, regardless of business performance facilities are withdrawn, non extended and in some cases reduced.

Its just not a happy time to be looking for funds....

Best of luck with it!

That's the exact reason you GO TO A VENTURE CAPITALIST.

ditpoker

where does one find a venture capatalist in dublin!?

leitrim lad

R3al wrote: »

You should try your local enterprise boards and Dept of social welfare, see the following link:

http://www.borderwise.ie/en/CBMLP/Cross-Border-Mobility/Work/Current-Topics/Business-Start-up-Grants-in-the-Republic-of-Ireland/

ya good idea , mary coughlan the minister for unemployment will really give you a million to start a new firm, especially when the government has to borrow half a billion per week from ze germans,

look what the ida and enterprise ireland did to the lads in limerick who won young scientist of the year,

and the banks telling him over 5 years is bollox, you can borrow a company loan over 20 years max term, and you can take a personal loan over your entire working life if you want,

your best bet is a good business plan and head for the local billionaire, for an investment

TheCostumeShop.ie: Ronan

Question is why would you need a loan for 5 years?

I don't think i've ever read a business plan for a SMALL start up that didn't show profit by year three, so the chances are the banks are questioning your plan / profitability rather than just saying they wont give you a loan.

Enterprise boards seem pretty broke for this fiscal year so start up grants are barely worth chasing.

You maybe should consider strategic partnerships, vendor financing or customer financing.