clarep started this topic @ 12:40 on 01/03/2006
Hi
I'm in the process of working out my business plan. As yet I havent worked out exactly the start up costs, but I am estimating it is in the region of only about 10-15k.
My problem is how do I go about raising this cash, as I have bad credit history in the past, due to a messy divorce etc etc....
Is this likely to go against me for raising the finance, I cant approach family as they have helped me out in the past, and the only money I have is in the equity of my home.I dont want to waste time on my business plan etc if I cant actually go ahead with it.
Has anyone else been in the same position and how is it overcome
Cheers
Clare
RE: raising finance
glen666 | 01/03/2006 03:07 PM
Do you currently work and have spare cash each month? You could save but this could take ages depending how much income you can make.
There are loads of loan companys that would help you but if you have bad marks on your credit you will only get high interest rates. I often use www.moneyextra.co.uk for fiance qoutes.
RE: RE: raising finance
glen666 | 02/03/2006 10:26 AM
Originally posted by: Ian J
Originally posted by: glen666
I often use www.moneyextra.co.uk for fiance qoutes.
Is that a freudian slip 
Lol yes busy at work multitasking my spelling grammar will go to pot.
RE: raising finance
fastfences | 01/03/2006 09:14 PM
Hi Clare,
The problem you'll face is that any lender will want to see that you've put in nearly an equal amount of cash. Can you raise any on Credit Card, or even get a home equity loan?
You won't be wasting time on the business plan because you may find you'll need less money. The reverse can happen also, but at least then you'll know!
Cheers, Nigel
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RE: raising finance
simoncrouch | 02/03/2006 08:59 AM
Hi Clare,
Just as a throw away comment, could you not release the equity in your house by remortgaging, you'll find that the interest rates are lower than the loan companies.
All the best and I hope you find a way of making your dream happen.
Simon
RE: raising finance
FreeLocal | 02/03/2006 09:13 AM
Clare . . What type of business is it?
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