Business loan with bad credit

[NottsNick]

Hi,

I'm looking at buying an IT franchise, at a cost of £5500+VAT and need finance.

I have a really bad credit rating, so I can't ask a bank (I don't want the embarrassment when they say no!).

Can anyone recommend another avenue to get the finance? I have no equity or cash to put in.

I hope someone can help.

Thanks,
Nick

[NottsNick]

If everything does OK, I can hopefully pay it back in 2 years.
I've also considered buying the franchise with someone else, but I'mnot sure there'll be enough work for 2 people initially.

[Zeno]

Are you sure franchising is the way to go, especially if you have to borrow the stake?

You might want to read around the forum regarding franchising.

[Strontium Dog]

I'm assuming that you alraedy have expertise in the industry. I'm not sure what you would get for the £5500 that you cannot do for yourself.

You might find that there is grant funding available for 50% of your setup costs (though not franchise unfortunately !). Do some courses on marketing and you're away.

[NottsNick]

Hi,

You get the same as you would for £11k, but they monthly fees are a bit dearer.

Not a bad deal I thought

[NottsNick]

Does anyone have any more suggestions?
I really want to do this.........

[NottsNick]

If I started a limited company with someone else, would the finance be easier to get?