Business start up loans - can u get one even with no money of your own?

(6 Posts)
Elizabeth1984 Thu 31-Jul-14 07:25:09

Hi there, I'm just wondering if I would have a realistic chance of getting a business start up loan with no money of my own to put against it?

I'm in the process of separating from dh, and there is no way I'll get any of 'our' money without a long drawn out battle.

I want to open a small cafe completely in my name, but I can only do that if I get 100% loan.

Any advice gratefully received!

Gfplux Fri 01-Aug-14 14:49:46

I think you should make an appointment at your Bank and ask the question.
However in my experience without any money or other asset to put up it is highly unlikely that a Bank would risk its money unless you have already proven to be a success in other ventures.
Normally a lender wants you to be so financially committed that you will work almost without sleep to make a success and pay back any loans. If you are not putting any money in to the venture they worry that after a bad couple of weeks or months you would just give up.

Elizabeth1984 Sat 02-Aug-14 09:37:34

Hmmm thanks, makes sense. I'm not in a position to do it at the moment.

Esther1986 Mon 04-Aug-14 12:54:36

Hi Elizabeth,

I run a website to help mums develop flexible careers.

We also offer government funding and you can find out more here mumplusbusiness.co.uk/directory/transmit-startups

I hope this helps.

Esther

Elizabeth1984 Tue 05-Aug-14 07:28:14

Ooh thanks Esther, that sounds just what I need! I'll have a look at it today!

FiloFunky Tue 05-Aug-14 07:33:43

Are you both these users??

The similarities in your name have made me LOL

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