own business


C

cea2000

I live In Scotland, I want to set up my own business, actively encouraged by
the government who would like to see an increase in entrepreneurship in our
economy.
But I come across a problem in my steps to make a loan.
The total amount for this business is £50,000, that I don't have.
The banks that I have contact, claim the 20% of this sum (£10,000)
Who could help has get this loan?
I live In Scotland
 
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D

Derek *

I live In Scotland, I want to set up my own business, actively encouraged by
the government who would like to see an increase in entrepreneurship in our
economy.
But I come across a problem in my steps to make a loan.
The total amount for this business is £50,000, that I don't have.
How can you be so definite? Remember the Scottish parliament
building!

Joking apart, is it some fixed price franchise type scheme?
The banks that I have contact, claim the 20% of this sum (£10,000)
Who could help has get this loan?
I suspect borrowing £50k from the money industry to put into a
business that doesn't yet exist might not be possible.

You have to understand that the people doing the lending (If they are
ordinary banks) derive no benefit if your business succeeds, they
just get their interest which is currently at a very low rate and does
not compensate them for taking any risks.

Two suggestions which come to mind are:

Start from a lower base and work your way up.

Investigate if anybody within the family is in a position to back you.
It could be an interesting prospect for a relative who has cash saved
for his retirement in a few years time.

DG
 
J

john boyle

cea2000 said:
I live In Scotland, I want to set up my own business, actively encouraged by
the government who would like to see an increase in entrepreneurship in our
economy.
But I come across a problem in my steps to make a loan.
The total amount for this business is £50,000, that I don't have.
The banks that I have contact, claim the 20% of this sum (£10,000)
Who could help has get this loan?
I live In Scotland
The bank dont claim 20%, they just want you to have some sort of cash
stake in the business, wich is there standard practice. They will lend
money to help with a business but if the give you all the dosh they may
as well run the business yourself.

If it is a 'start up' business this makes it even harder.

If you own your own house, do you have any spare equity in it?
 
R

Ronald Raygun

cea2000 said:
I live In Scotland, I want to set up my own business,
Good for you.
actively encouraged
by the government who would like to see an increase in entrepreneurship in
our economy.
You have a sense of humour. That's good too.
But I come across a problem in my steps to make a loan.
Make a loan? You want to start a money lending business?
The total amount for this business is £50,000, that I don't have.
The banks that I have contact, claim the 20% of this sum (£10,000)
Who could help has get this loan?
I live In Scotland
Without a decent ability to express yourself in written English,
it is hardly surprising the banks don't want to help you.
 
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P

Peter Saxton

I live In Scotland, I want to set up my own business, actively encouraged by
the government who would like to see an increase in entrepreneurship in our
economy.
But I come across a problem in my steps to make a loan.
The total amount for this business is £50,000, that I don't have.
The banks that I have contact, claim the 20% of this sum (£10,000)
Who could help has get this loan?
I live In Scotland
I don't think business is a good area for you to get into.
 

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