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Business start up loan

  • 08-07-2010 4:04pm
    #1
    nickybutler
    Banned (with Prison Access) Posts: 124 ✭✭


    I have a good business idea and believe it will work. It has i estimate 10k start up cost.

    Im hoping to go to the bank with my idea and business plan.

    The business type im getting involved with has already got alot of competitors however i have worked with or for all of them and know my plan for many reasons is better than theres. I intend to make a larger profit on each unit i sell than all of them and still be able to charge the customer a lower price.

    My business angle is to provide a better service than all my competitors at a lower price by keeping my running costs lower.

    To help keep my overheads lower than everyone else (my initial 10k overhead is basically my only running cost) Im wondering what the longest length of time i would be allowed pay the bank back. Im thinking of seeing if they would let me pay back the money over 10 years as opposed to 5.

    Do you think the bank would do this and allowed me to pay back over this longer time frame?


Comments

  • #2
    Southsider1
    Closed Accounts Posts: 674 ✭✭✭Southsider1


    You could have problems with te bank. Have / would you try the Credit Union? They're a better bet, I'd say...


  • #3
    helenaoneill
    Closed Accounts Posts: 17 ✭helenaoneill


    Credit Unions are great, although they're getting stricter re their applications and proof of ability to repay. Have you tried your local Enterprise Board or First Step (first_step.ie)? Depending on your business idea, they may be able to help.
    Helena


  • #4
    NCG
    Registered Users, Registered Users 2 Posts: 80 ✭✭NCG


    Depending on your history with your bank, I would say you will have difficulties. Business loans would not normally extend to 10 years, especially for relatively small amounts - if you can only repay 1K per year, the bank would seriously question your ability to repay.

    That is not meant to discourage you, but just to be realistic. If you could get some matching funds (County Enterprise Board or Leader (if in a relevant area) and reduce your loan in amount and term, the bank would probably give you more consideration.


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