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Funding for Franchise

  • 14-01-2013 2:22pm
    #1
    Beckala
    Registered Users, Registered Users 2 Posts: 61 ✭✭


    I'm on Job Seekers Allowance (stamps) but I want to buy a particular franchise costing €60,000. Going to my bank/credit union is not an option.

    Anyone know what funding options are available?


Comments

  • #2
    fasttalkerchat
    Registered Users, Registered Users 2 Posts: 5,652 ✭✭✭fasttalkerchat


    Usually they will want to see that you didn't borrow to buy in to the franchise.


  • #3
    Beckala
    Registered Users, Registered Users 2 Posts: 61 ✭✭Beckala


    fasttalkerchat wrote: »
    Usually they will want to see that you didn't borrow to buy in to the franchise.
    I understand that but in fairness, who has €60,000 "resting in their accounts" these days! I can't be the exception to the rule, therefore I'd presume there'd be some sort of funding availability or at least options available given the demand and state of the country


  • #4
    Graham
    Moderators, Society & Culture Moderators Posts: 17,643 Mod ✭✭✭✭Graham


    You would generally by expected to have access to at least 50% of the franchise cost.

    I would guess most franchisees have done this via:

    Savings
    Family loans
    Redundancy payments
    Loans (probably secured on a property).


  • #5
    highlandseoghan
    Registered Users, Registered Users 2 Posts: 456 ✭✭highlandseoghan


    Have you got any money in savings at the minute?

    Some franchises once they see that you have a certain amount will help and work with you to secure the remaining money. There are a lot of franchises that have secured deals / aggrements with banks to help ew franchises secure finance.

    Have a chat with the franchise and see what support / finance they can help you out with.

    Is there any family / friends who could loan you some money to go towards the franchisee fee?


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