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Has anyone any experience of dealing with first-step.ie

  • 28-11-2010 08:58PM
    #1
    stepbystep
    Registered Users, Registered Users 2 Posts: 41 ✭


    heya

    Just wondering if anyone has had any dealings with first-step.ie microfinancing???? am thinking bout approaching them as i started my on business with very little thinking that i would be able to build on it, but its near impossible. so am considering approaching them for backing.
    just looking for a lil feed back about them

    Cheers


Comments

  • #2
    YouProduce
    Closed Accounts Posts: 51 ✭✭YouProduce


    I will be applying to them early next year. They are very strict and require a detailed business plan with 3 years financial projections and two business references. It was much easier to get in last summer when they were desperately trying to fill their numbers, but I wasn't quite ready then. Now its tough since more people know about them.

    I can't tell you anything about the people involved as I don't know, but a €20k unguaranteed loan is a sweet deal if you can get in regardless. There are many more, including accelerator in the DCU Ryan Academy and check out your local LEADER.

    Goodluck;)


  • #3
    stepbystep
    Registered Users, Registered Users 2 Posts: 41 ✭stepbystep


    Heya YourProduce

    Thanks for the feed back, am in the middle of doing up a business plan at the moment (not alot of fun) so hope to apply before the end of the year, not looking for anywhere near €20k though, looking for a mere €7-8k


  • #4
    YouProduce
    Closed Accounts Posts: 51 ✭✭YouProduce


    Iron out every knot & crease in your business model and give your financials a backbone, provide some data and a revenue framework for how you think your sales are going to go. Its tough, I can't get through my sales projections until I get users and have something credible and concrete to base my growth upon as my business is a new kind of web-business.

    I wouldn't ask for just €7-8k, no point. If they think you can pay back that then they will think that you can pay back €20k. If your business hasn't got that longevity then they won't take you on anyway. And its an unsecured loan so it doesn't matter diddly-squat to you whether your business is in debt to them by €7-8k or €20k, because they will be a better & more flexible creditor than a bank. They will teach you how to use the extra cash productively if they think you are a fast enough learner.

    They want to see ambition because they want to know that yours is not a life-style business and that you can employ people, and if you can't pay back €20k in 3-4 years then you certainly can't afford to employ anyone.

    My 2c;)


  • #5
    stepbystep
    Registered Users, Registered Users 2 Posts: 41 ✭stepbystep


    heya yourproduce

    yea i see your point in asking for the €20, with that kinda backing i could hire 1 person at the starting point and would make it more then possible to be a success, the business im in has no competitors in a town with a town and rural area of near 30,000 ppl.
    hardest part is the business plan, and trying to work out projected sales and profits! def not aseasy as i taught it would be!
    but gonna take your advice bout the amount to apply for, no point in cutting my self tight if theres no need too


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