New Business Start Up Loan Advise Please

C

Coney

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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.
 
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.
 
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