Business loans

[INeedThatForkOff]

I would dearly love to open a shop. I see a market for what I want to sell, and I know just the type of location it would succeed on. But I don't have any money, and need to keep an income coming in.

Am I hopelessly naive to think that I could borrow enough to pay the first six months' rent, rates and to purchase some stock?

Most banks want to see you invest some capital of your own as then the 'risk' is shared.

If it's all done through loans then theoretically you have no reason not to wind up the business and walk off scot free.

I'd save up what you can, maybe buy some stock and try markets/internet to get you started.

Thank you. I'm thinking of a way to raise half of the startup costs ourselves, in the hope that the bank would say yes. I wanted to start with a website but many suppliers want to see a year's trading first.

Next question: can anyone recommend a lender?

The government are currently trying to do a lot to help start ups get off the ground so there may be some options out there for you. I'm not sure of your age but if you are between 18-30 the gov are currently investing a lot to help young entrepreneurs start up - visit this website for more information businessinyou.bis.gov.uk/start-up-loans/

Also read up on the funding for lending scheme!

You're right about many lenders wanting to see at least a years trading figures. I'm not sure if these do as I have seen a few press releases about them, worth a check. www.capiota.co.uk/business-loans/

There is also a lot in the news at the moment about certain areas being given business loan funds to help businesses start up. I know Manchester has £24m to invest in businesses huddled.co.uk/24-million-manchester-business-loan-fund-launched-to-help-businesses-find-finance-4141/ is there anything like this in your area?

I'm over 30, so that particular scheme annoys me!

I've spoken to Business Link, the local council and a regional funding body today, to find that there's nothing in the way of retail funding, so it seems we're at the mercy of the banks. HSBC won't even discuss their business lending products unless you have a business account with them

Funding Circle is brilliant.

Or crowdfunding.

I AM starting new business right now ( nursery) And I will tell you that no government or banks help me to do so!!!
I saw D Cameron in the TV ad stating that there is help there for new businesses out there!!! I am askiig where because I couldn't get any.
Thank god for good friends who were able to help me.
Good luck I hope you will find something.
And good luck with your new business.

I'm trying to buy the family business at the moment - I found HSBC very unhelpful too - and they are who I bank with.
Barclays seem to be the most helpful I've found so far. They said they will match whatever you can put in yourself. That's with no other security. I assume you get more if you have a house etc to secure against it. It's not easy is it! Grrr...

Google Kickstarter.