Finance help, please?

[SaucySecrets]

Hello,
Im setting up a business in retail, which is in quite a niche market. I dont want to give too much away, but its already had a lot of interest!

Ive met with the Princes Trust, but they can only give £3,000 per project at the moment, and due to various reasons my start up costs are £22,000. They couldn't help me reduce this, so sent me to the business link, saying that they would give me a loan because i am 'Princes Trust approved'. The business link have told me to approach banks, however, because they don't handle finance in my area.

My credit file is okay, no missed payments or anything, 3 accounts, 2 bank accounts and one credit card. 6 credit searches in 6 months, which isnt brilliant, i know. Im unemployed at the moment, and on JSA, but the figures for my business suggest ill be able to repay the money within two years, and there is already a lot of interest. I have over 300 email addresses, and so far 111 pre orders.

Is it even worth me approaching banks? If so, who? What happens? Ive never done anything like this before. If not, does anyone know any reputable finance companies who will be able to help me out?

Thanks everyone!

[DickM]

I think you're flying a kite!
Unless you have realisable assets for bank loan collaterel, or you can get a Government grant .......... and I don't think there's much of a chance of that, with Gordon Brown putting out the international begging bowl (as the UK is skint).
Have you any rich relatives who can risk a few thousand each? :p

[yorkshirejames]

Assuming that a "saucy secrets" business is what I think it is, then going to see some rich male entrepreneurs (do as much flirting as you need, take models in underwear, etc) may be your best bet. You'll get a majority who will focus on your financials, but there will be one or two who will decide that its worth it just so they can get excited when they visit your offices to look at your figures.

I am being deadly serious. I can't think that any of the investors I occasionally work with would bite at this, however please feel free to PM me more detail and I'll have a think.