start up loan

C

caned

Guest
Any idea how my husband and I can get €20,000 to start our business. we have tried the banks and although they were happy enough with the business plan etc, my credit history went against me. Its so frustrating as everything is ready, quotes, premises etc and there is a huge market for the business. We're based in the west of ireland. Any ideas???
 

Brendan Burgess

Founder
Messages
40,231
With a bad credit history, you won't find any banks willing to lend to you.

Do you own your own home? If so, you could remortgage.

Otherwise, you will have to try to borrow from family and friends.

Brendan
 
C

caned

Guest
we dont own our own home but we do have a willing guarantor with her own home and no mortgage.
 
R

rainyday

Guest
we do have a willing guarantor with her own home and no mortgage
Just a comment from a fairly risk-averse person - are you really, really confident enough to put someone else's home on the line for your new business idea? Many startup businesses fail regardless of the good intentions and best efforts of the entrepreneur. Have a think about what would happen to the generous person willing to fund your startup if the business did fail and you were unable to repay the money.
 
D

Dunners

Guest
RE: Start-up loan

have you tried any other alternative sources of funding - eg county enterprise boards; local authorities etc?
Also, is it worth your husband putting the business in his own name for the first couple of years, until your credit rating gets back on track?
 
C

caned

Guest
The business is in my husbands name which is why I didnt really understand why they needed my details but they insisted, the local county enterprise board is willing to fund 50% of the business but the rest we have to fund ourselves, hence the problem. The guarntor is not a problem, should the business fail (which I dont beleive it will) we have a good source of income whicn will repay the loan anyway so her house is not at risk.
 
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