Business loan with bad credit

NottsNick · Apr 29, 2010

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 · Apr 29, 2010

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 · Apr 29, 2010

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 · Apr 29, 2010

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 · Apr 29, 2010

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 · Apr 30, 2010

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

NottsNick · Apr 30, 2010

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

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