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Business ideas, loans, business plans and monies

Discussion in 'Making Money' started by Ste Fishkin, Jun 21, 2011.

  1. Ste Fishkin

    Ste Fishkin "I'm watching you.." - Apricot Jr. VIP Premium Member UnGagged Attendee

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    I have a business plan that will be making me around £250k a year within 2 years.

    I need a loan of £30k though to get this off the ground

    Its a off-line bricks and mortar business growing things. (all legal! - don't be asking me for drugs :D)

    I am 20, I still live at home with my parents. I have no assets to my name but I have a solid business idea and business plan which I have been writing for 18 months... I have very little cash of my own to put into the idea. (5k)

    What are the chances of me getting a loan in the current climate?
     
  2. teeniegenie

    teeniegenie Supreme Member

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    Very little in my opinion. You need (1) a track record, (2) collateral/security for the loan and (3) a good idea.

    Your post doesn't really say anything about (1) and (3), but if all you have is $5k I doubt you have (2) either...
     
  3. oxonbeef

    oxonbeef BANNED BANNED

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    Nil!
    To be honest. The Banks and lenders aren't taking any risks unless you have capital
    as security. Not even to established businesses.
    I would search very hard for a business angel, they would review your plan and would
    want a stake in your business. Most probably control all the finances until you break even.
    But even those are just trying to clean dirty money nowadays.
    [​IMG]
     
    Last edited: Jun 21, 2011
  4. Gold Hat

    Gold Hat Regular Member

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    you wont get a loan, if you think you have a solid business plan than you should have no problem getting investors to fund your business, go speak to some business angels.
     
  5. Ste Fishkin

    Ste Fishkin "I'm watching you.." - Apricot Jr. VIP Premium Member UnGagged Attendee

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    I don't want investors

    My business is solid. it is as solid as can be! I would put my money on it but I am not asking my parents to do that but they would. I know.

    I have a track record as a web designer but nothing else......

    I would literally be willing to have my balls cut off if this failed. it just wont
     
  6. randomwoman

    randomwoman Newbie

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    Depending on where you are located you might qualify for a business grant. Some governments offer them, but probably not in the amount you are looking for.

    Given that you don't have a track record you will have an extremely difficult time getting a business loan in the present economy. Even those with good track records are having a hard time getting financing since so many businesses are failing.

    Maybe talk to your parents about your financing options (they might be able to co-sign) and work to save more money. The more you are willing/able to invest, the more serious a lender will take you.