How do I get a very large unsecured loan?

[Katymac]

Or maybe a smaller secured one?

I need about £70K to start my nursery

zippi sounds like she is a real damper of spirits .. I would say no, they seem to be looking at innovative skills based manufacturing projects of high projected value. If service then it has to have a national impact/benefit. It is aimed at increasing the skills base to NVQ3 and above in creating jobs. And they are offering 15% of the capital for the project. They are mainly but not exclusively investing in a capital asset which the comapny owns.

the jobs will be NVQ2 generally with training to NVQ3

The bank will leand me £40 (they phoned...at least probably)

That is good news then. The best people to help you secure a loan/grant are business link as they effectively add weight to your application if you apply through them which you could for that SFIE loan which they will tell you if you are eligible for.

I have £30 in cash
I need £80 to renovate plus £20 contingency
I have £20 in cash for operating

I need to borrow £40 from the bank

Leaving £30 from the grant (that is more than 15% damn)

OK so I am 19.5 from the grant

The last 10 I can take on a short term loan

Business link had gone home by the time I rang

Nope my maths is wrong 22.5 from the grant leaving 7.5 from loan

might be feasible

Katy, are you a member of ukbusinessforums? , they are generally a nice bunch and they might have some ideas for finance on there.

Sounds scary to me, especially if the bank are reluctant to lend - and they usually hand out money to anyone! I do wish you luck though! Was there no way of doing it freehold and getting a mortgage?

I agree that a leasehld property seems like a risky investment to me.

Maybe this isn't the right property after all (no matter how right it seems at this moment). Fate has a way of intervening you know, and you may be stumbling over finance over this because there is a better opportunity on it's way in a couple of months.

Keep looking at possible properties. It may be you see something else appropriate while you're struggling to close any sort of deal on this one.

Should I ask the chap that owns it if he wants to be a partner in the business?

I think I could work with him

It reduces my profit but increases my chance of starting up

Katy, it's a possibility. But think carefully about the terms you would want to put forward. And of course offer him less to start with, so you've got room to negotiate.

Well he is already giving me the barn for 3 yrs for no rent - so I know he is nice (iyswim)

But you are investing a lot of money in it which he will get the benefit of, so he has an excellent deal. Watch out he doesn't charge you an exorbitant rent once you have upgraded his building..have you got a well written contract with him?

Hi there, sorry I've been quiet, been busy with School Directories here. Is there no feasibility of getting a loan against the existing building / land. I know some financial institutions do that, for renovation purposes.

Hi Ali - I don't own them so not really

We have a gentlemans agreement until PP, building regs and finance come through - he didn't want me to commit until we knew it was feasible

He really does sound a great guy.

Did you look at the link below Ali...Zippi thinks it might not be relevant for me....watcha think?

EEDA looks like a goer to me. Your a new business start up as it's so different from what your doing now, you're going to be employing local staff as you say to NVQ3 level. Why not contact with the hypothetical question, at least the decision is fast since it says 30 days from submitting. Surely they'll be keen on bringing employment into a rural area won't they?

@Xasarad
You do realise you have posted on a 15 year old zombie thread?