Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Getting Finance from bank to set up Business

  • 02-08-2010 2:40pm
    #1
    nickybutler
    Banned (with Prison Access) Posts: 124 ✭✭


    Im unemployed and hoping to do the back to work grant when i have been unemployed for 12 months.

    My credit history is perfect except for the following:
    Between 2006 & 2008 i was backpacking and failed to pay of my credit card untill i returned home. Loan of about €500.

    Currently i have a €9,500 Loan with credit union with €5,000 collatoral. Which I am ahead of myself in paying back.

    I can raise by myself €2,000 as possible collatoral and will be asking the bank to lend me €13,000

    My business is 90% seasonal so only april - october each year and rest of year i will need to rely on dole.





    My questions are:

    Going on the fact that i have a sound business plan:

    1) Will bank lend this amount to me?

    2) Will my collatoral be enough or will i need any at all?

    3) Will i be able to get any financial help from a back to work grant up front?


Comments

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


    Why not just talk to your Credit Union? Suggest using your 5k collateral to go towards clearing your existing loan then get a top up. I doubt the banks will help you.


  • #3
    Bandara
    Registered Users, Registered Users 2 Posts: 3,282 ✭✭✭Bandara


    I can't see any bank lending to you, tbh even if you had 50% already raised they would most likely refuse you. Obviously dependig on the business but at the moment it seems that they will only lending in the region of 30-40% of the funding required.

    Factors like experience within the relevant industry, no cashflow issues etc would also be a help.


Advertisement