Hedgehog Toys
2nd February 2006, 13:16
I have a business opportunity that is now in need of £5000 to get it in motion. The venture is risk free and just involves me laying out the funds for the initial product purchase.
Due to a divorce in the past my credit rating is next to zilch. I am looking for any constructive ways of raising the capital needed.
Chris
Rob
2nd February 2006, 13:38
Don't assume that just because your credit rating is in tatters that you can't get a bank loan. Yes it may be a bit more difficult but it is worth a try.
This does depend on how you have been opertaing your business. Are you running a business account or putting it through your private account? Are you opertaing in cash?
It will be easier if you have a formal business account which has a proveable track record re good conduct. This, together with a sound proposal outlining the opportunity you have, may be enough to persuade a banker to open his cheque book.
Failing that - family and friends, max out on your credit card (if you have one and you are confident that you can repay).
But try the banks first with a Business Plan tucked under your arm.
Best of luck