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START UP BUSINESS LOAN(help)

  • 28-10-2011 11:57am
    #1
    passionate
    Registered Users, Registered Users 2 Posts: 16 ✭


    Hi

    I am looking to start up my own business, I have a very good niche food idea, with a trademark pending.
    I am looking for 15,000 as start up, I spoke with my bank, they looked at my business plan, which shows a very healthy profit, based on very conservative figures, they believe it will be a very healthy business and that if it is successful in the first year, they would have no problem giving me a loan for expansion, but are not prepared to take the risk, even though small.

    Also I had a premises got 2 weeks ago, i met with the landlord and explained my idea to him, he asked if he could have a look at my business plan, and really believed it was also a good idea, and wanted to invest 20,000 with a return over a 4 year period, which would have benefited us both greatly, as i would have the start up monies and his premises would be occupied for that length of time, unfortunately there is a problem with the planning and its going to take some months to rectify, time i dont have.

    Can anybody help me out here, I have found the perfect premises, with a six month rent free period and just dont know where to go from here.

    I have tried enterprise etc..

    Thanks in advance
    P


Comments

  • #2
    Boskonay
    Registered Users, Registered Users 2 Posts: 115 ✭✭Boskonay


    Was the 20k investment conditional on you taking his premises?


  • #3
    passionate
    Registered Users, Registered Users 2 Posts: 16 ✭passionate


    Hi Boskonay

    Yes it was..


  • #4
    Boskonay
    Registered Users, Registered Users 2 Posts: 115 ✭✭Boskonay


    Will the bank not even give you a personally guaranteed loan, secured against assets/ property or anything?

    15k is 'relatively' small - even to try the family and friends route?


  • #5
    passionate
    Registered Users, Registered Users 2 Posts: 16 ✭passionate


    You would think, i have tried 3 banks, I dont have an account with the credit union..

    I would say something if my business plan and forecasts werent healthy..


  • #6
    Boskonay
    Registered Users, Registered Users 2 Posts: 115 ✭✭Boskonay


    Most banks will lend to the person, rather than the business, when starting off...?


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  • #7
    RATM
    Closed Accounts Posts: 3,591 ✭✭✭RATM


    http://www.first-step.ie/ do micro finance of up to €25k for start-ups in Ireland


  • #8
    pennylemon
    Registered Users, Registered Users 2 Posts: 87 ✭✭pennylemon


    Opened a business myself recently... Banks aint lending.

    First Step is yer only man... well and God Bless the Credit Union!

    Good luck with it!


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