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business loan

pranal · 2011-11-23 00:35:23

Hi Boards, Opening a restaurant in march 2012, have upto 60,000 investment,probably need 25000 more before we open. What are the options? Is it better to try with the banks or credit union? I have heard that the CU gives loans upto 3 time the savings. Currently i dont have an account in CU, it it good thin to open an…

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23-11-2011 1:35am

#1

pranal

Registered Users Posts: 35 ✭

Join Date: July 2009

Posts: 24

Hi Boards,

Opening a restaurant in march 2012, have upto 60,000 investment,probably need 25000 more before we open.

What are the options?
Is it better to try with the banks or credit union?

I have heard that the CU gives loans upto 3 time the savings.
Currently i dont have an account in CU, it it good thin to open an account now and deposit 15000-20000 savings and apply for a loan of 45000 in march.

I dont have any assets here in the country, to show as security, does it effect my loan application?

I currently dont have any loans. Took a car loan in 2004 from AIB, which is fully settled.

I was looking at first-step.ie website, It says that they lend upto 25000 for new start-up businesses. If so what is the criteria for first-step.

I am planning to go to a local CU branch, will it be wise enough to explain the exact situation and get the feedback or just go and open an account and do it as planned

any feed back is welcome

Kindest Regards
Pranal

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