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Thinking of opening my own business

  • 21-04-2010 9:50am
    #1
    cuponthefloor
    Closed Accounts Posts: 11 ✭


    So i want to get out and work for myself, but with the current financial market i was wondering how banks are treating people (with a solid business plan) that are looking for business loans?


Comments

  • #2
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 8,830 ✭✭✭Gloomtastic!


    I've heard Ulster Bank are open for businesses. Alternatively have you tried your family/friend network or tried looking for a business angel? Sometimes it's easier to share the sh1t. ;)


  • #3
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    cuponthefloor wrote: »
    So i want to get out and work for myself, but with the current financial market i was wondering how banks are treating people (with a solid business plan) that are looking for business loans?

    was in with Bank of Ireland on Monday opening a new account and with a very solid business plan and they gave us the amount we requested without much of a problem.


  • #4
    Southsider1
    Closed Accounts Posts: 674 ✭✭✭Southsider1


    miju wrote: »
    was in with Bank of Ireland on Monday opening a new account and with a very solid business plan and they gave us the amount we requested without much of a problem.

    Interesting! Do you mind telling us what type of business, and (roughly) amount you managed to secure from them?


  • #5
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    Southsider1 wrote: »
    Interesting! Do you mind telling us what type of business, and (roughly) amount you managed to secure from them?

    It's a new service not been offered before in Ireland mixed in with elements of some "old reliable" services and is IT related.

    Was in the 30-60k region but the business plan was very comprehensive, lots of research, figures, realistic projections and was about the 100 page mark.

    Given the current climate was suprised we got the funding TBH


  • #6
    cuponthefloor
    Closed Accounts Posts: 11 ✭cuponthefloor


    That is good news to hear. Can i ask did you need to have funds to put up with the loan aplication or was the 30-60 the full amount of what you needed.


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  • #7
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    cuponthefloor wrote: »
    That is good news to hear. Can i ask did you need to have funds to put up with the loan aplication or was the 30-60 the full amount of what you needed.

    was full amount needed but we also had funds in place in addition to what we needed.


  • #8
    Nuttzz
    Registered Users, Registered Users 2 Posts: 3,784 ✭✭✭Nuttzz


    miju wrote: »
    was full amount needed but we also had funds in place in addition to what we needed.

    very much a key requirement these days


  • #9
    IrishInnovation
    Closed Accounts Posts: 9 ✭IrishInnovation


    Hi cuponthefloor,

    not sure what biz you're in but if you're in the tech/web space I'm setting up a virtual environment where people come together to spin out new products and services...
    http://irishinnovation.wordpress.com/2010/04/21/virtual-company-opportunities/


  • #10
    Southsider1
    Closed Accounts Posts: 674 ✭✭✭Southsider1


    miju wrote: »
    It's a new service not been offered before in Ireland mixed in with elements of some "old reliable" services and is IT related.

    Was in the 30-60k region but the business plan was very comprehensive, lots of research, figures, realistic projections and was about the 100 page mark.

    Given the current climate was suprised we got the funding TBH

    So. You went in on Monday with the business plan and got 30-60k immediately? I'm impressed. That sort of speed goes against everything that even the bank, themselves, are saying.


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