start up funding - where to apply?

HairMare

Hi there any suggestions on who to apply to for start up funding for new business?
Apologies in advance if there is thread already covering same

jimmii

HairMare wrote: »

Hi there any suggestions on who to apply to for start up funding for new business?
Apologies in advance if there is thread already covering same

If you can't find any private funding your local enterprise board is the best place to start.

http://www.enterpriseboards.ie/Business_supports/FINANCIAL.aspx

Buttercake

If its the next Facebook you have on your mind: go to your enterprise board and in turn to enterprise ireland. If you seek VC, you have to be on enterprise irelands radar.

If its a Facepainting business you are thinking of: go to credit union, bank or family.

HairMare

Buttercake wrote: »

If its the next Facebook you have on your mind: go to your enterprise board and in turn to enterprise ireland. If you seek VC, you have to be on enterprise irelands radar.

If its a Facepainting business you are thinking of: go to credit union, bank or family.

Thanks for reply my idea could be the nxt tk maxx, my enterprise board don't seem bothered so mite try micro finance instead

Buttercake

HairMare wrote: »

Thanks for reply my idea could be the nxt tk maxx, my enterprise board don't seem bothered so mite try micro finance instead

Yeah they wont if its a particular service or product, the reason is because they will be flooded with applications..

With microfinance you need a loan rejection letter form your bank first.. you should try them

There is a great(similar) thread here that might help you: http://www.boards.ie/vbulletin/showthread.php?t=2057135267

EIREHotspur

I know people are going to tell me that you should keep Business & Personal Finance separate but to me the answer to small loans for starting up is your Local Credit Union.

If you build up money over 3-4 months....borrow twice that.
Pay it back and then you can get 3 times that....usually those are the terms of Credit Unions.

To me it is a no brainer for Small Business Loans....you won't have to jump through as many hoops as a Bank.

Graham

EIREHotspur wrote: »

the answer to small loans for starting up is your Local Credit Union.

Given most small business loans come attached with personal guarantees anyway I think it makes perfect sense to look to a Credit Unions and their lower interest rates.

The only downside I can see is you loose a level of filtering that you might otherwise get (for what it's worth). E.g. a bank is unlikely to agree to finance your next blockbuster selling freezer ready snowballs whereas the credit union will probably finance that 'home improvement;.

EIREHotspur

I hear you...I have had more "Home Improvement"s than Michael Flately at this stage!

HairMare

Does bad credit rating affect chances of micro finance?

HairMare

Does bad credit rating affect chances of micro finance?

Graham

From the micro finance website:

Like a bank we offer interest-bearing loans but, unlike a bank, we operate on a not-for-profit basis. Helping to create or sustain a job is at the heart of our business. We recognise that some businesses may have difficulty in accessing credit from banks – due to economic difficulties or for reasons such as lack of security, current level of bank debt, difficulty with existing borrowings or lack of a track record. Microfinance Ireland has been initiated by the Government to provide another funding avenue to assist people who are finding it difficult to access credit, which in turn will help to create and sustain employment.

In my interpretation; it would appear you would still be considered for finance.