New Business Start Up Loan Advise Please

C

Coney

Guest
I have identified a gap in the market for a new business, but my main problem would be raising the necessary capital to start it up. I would require about 25-30K initially.

Would it be possible to get a business loan from a bank using my home as collateral - I own the house outright. Or should I explore other avenues?

The business is a small retail based one, cheap and cheerful and very much a cash business which, having done my research, should ride out this recession quite well.

I would appreciate any advise and suggestions and experiences of anyone else who may have a similar business. Thank you.
 
Explore all options before you put your house on the line. do a business plan and ask a bank ,see what they say.Any chance you could get an investor of some sort?
 
I would approach a bank such as BOI or AIB with a business plan. Sample business plans can be got from both of their websites. I would also include the following
Background of yourself and a CV
3 years projections for the business
6 month current account statements if they are not your existing bank
Market research completed
Have a unique selling point for your product or service that will make you stand out from the competition

All of your statements should be backed up with facts and figures. A good source on same is www.cso.ie
 
Many thanks for replies - great pointers to get me started with.
Still more research to do, but I have a better idea how to get started now.
Thanks again.
 
Could you take out an unsecured personal loan instead of something against your house?
 
there are also the famous three f's in start up finance - family, friends and fools!!

but i do wish you well, its worth it
 
There are many ways to raise capital that is needed to start a new business. Scout for investors or money lenders. Banks provide different types of loans if you have the necessary documents. Financial firms would be another option.
 
You must log in or register to reply here.
Menu
Log in
Register