financial backing...............

have you tried your local business link? Prince's Trust? Business link can help support and give you advise on funding available in your area, I'm not 100% sure but I think there's an online facility where you can register and access grantfinder,this gives you access to grants and funding available in your area. Prince's trust on the other hand will help if you are under 30, you will need a business plan and can apply for market research grant to test the market, after which the maximum you can apply for is 5k and another 5k expansion grant after commencing trading. I know the situation you're in and i'm starting with my own finance which is not much. I hope this helps. Regards, F Khan
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F Khan

Have you tried other resources ?.......business angels /venture capitals /funding from various institutions of European Union ??? any experiences or thoughts?

To Be Honest I haven't although I do know these a investors whom you have to presnt a business plan too and may have to do some presentations, I know business Link do actually have a business angels network and they can help. Business Angels if they invest will in exchange for funding have a share aswell as loan repayment terms these vary subject to contract on the other hand they can actually help in the management of your business. I say try the business link website they have various links to various sources including business angels and they can actually advise on european funding.
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F Khan

I don’t mean to sound rude, but if YOU don’t believe enough in your business to put some capital in (ie backing it with your property) they why should someone else feel confident about risking their money? I don’t know anyone who has been funded entirely externally. It is a myth to think this happens. Banks don’t give loans unless they are backed with assets. If the company has no assets, then it will be backed by the director’s assets. You can no doubt limit your exposure to the value of the initial loan. Would you invest your savings in someone else’s business (that you have no control over, and are just getting a few % return on) if they said they didn’t want to risk theirs? This is what you are expecting the bank to do. To get started you need a good idea, some lucky breaks and be prepared to take some risks. James Smith Chartered Accountant www.uktaxshop.co.uk 01284 764436
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773

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Its also a myth to imagine your property is safe just because there is no charge over it to the bank. With a start up almost all borrowing will have to be guaranteed by you personally even if your business is a limited company. The reason for thay is your business will not have assets to satisfy the bank's need for security. If you owe above £750 then after a court judgment an order can be placed on your property and a court can order it sold to satisfy the debt.
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Lee Schwartz Lime One Ltd www.limeone.com 01244 852550