Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

Yet another finance option for the nursery has said no

(13 Posts)
Katymac Tue 07-Aug-07 14:45:17

This thinks it's a great idea & will make money

But the rules of the bank says I can't borrow the money

Very sad and upset - but I'll pick myself up tomorrow and start again (I hope)

Katymac Wed 08-Aug-07 18:39:40

Still feeling quite down about this

Katymac Fri 10-Aug-07 20:29:19

OK - it took me a bit longer to get over this than I expected

But I have some irons in the fire atm

1) Someone wants to invest - but they want too much equity

2) Loan applied for - but interest rate is too high

3) Discussing the Small Firm Loan Guarantee Scheme with the bank

4) Discussing a smaller laon at a better interest rate with NWES

5) Made appointment with Business Link to rediscuss finance

So I am not sitting on my laurels waiting for stuff to come at me

Any more ideas?

BigGitDad Sat 11-Aug-07 21:16:52

can you raise funds by remortgaging?

Katymac Sun 12-Aug-07 08:34:05

Unfortunatley not I owe about 93 on 160 mortgage plus the bank is taking a charge on my house for a portion of the loan I have (another 28)

Which is apparently the most I can owe on my house (which I think is a load of crap as you can get 100% mortgages)

WideWebWitch Sun 12-Aug-07 08:37:35

Can you cut any of your costs instead of raisng the money?

Katymac Sun 12-Aug-07 08:42:27

Working on it atm - but it means sacraficeing the green stuff

Budget for build is 140, would like 20 contingency - leave 20 to open & service debt, pay wages until we break even

The build has come down from about 200 & I am struggling to get it any lower

SueW Sun 12-Aug-07 08:53:33

Starting to sound like one of those Dragon's Den things.

Do you go for it with investor and give away more equity e.g. you have say 60% of something really good

Or do you not and own 100% of a plan you can't get off the ground?

How negotiable is your potential investor wrt to equity? What else can they bring to the table except money (business skills? contacts?)? How much do they plan to be involved with the business? Future buyout options for you? Who can they sell to? Can they sell without your permission/agreement?

Katymac Sun 12-Aug-07 08:59:33

Sue - see here (I am negociating atm)

SueW Sun 12-Aug-07 09:01:08

Oh right, hadn't seen that

Will have a proper look through.

SueW Sun 12-Aug-07 09:07:24

Have you thought about having some of your threads pulled?

If I google the name of your business, some of your thoughts and discussions on this website and others are listed.

It's a lot of insight for someone. Although perhaps not bad since they can see you are getting a lot of support from all sorts of people and are asking lots of questions.

Katymac Sun 12-Aug-07 09:11:02

I don't know that it's a bad thing

If the investor 'sees' that I want to be polite but that I am savvey enough to ask for help is that a bad thing?

I'll have a google & a think later - thanks for pointing it out

Katymac Sun 12-Aug-07 09:21:45

Only about 3 on each name

nursery@

childcare@

childminding@

& of all the threads I come up with they really aren't the worst

WC only comes up with my website

I "know" I am identifiable on MN - so really controvesal/sensative stuff I use an alternative name (iyswim) so my MN posts are already public

Thanks for the 'heads-up' but I think I'll leave it

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now