Funding

[ARGHHHH]

Hi

I am just starting my own business and have been pproved a loan through New Enterprise Allowance Scheme for £1000. This is the max i can get with them, is there anywhere else i can get help with funding in either a small loan or grant.

 

[VSpy1]

Hi there
If you dont mind me asking, what was the criteria for the loan you received? Do you have to be unemployed or of a certain age?
Thanks

 

[businessfunding]

Hi there
If you dont mind me asking, what was the criteria for the loan you received? Do you have to be unemployed or of a certain age?
Thanks

To qualify for NEA you need to be on Job Seekers; they are just changing the rules so that you can apply as soon as you get on JSA

If you are under 25 there is a new Government sponsored loan available - I'm afraid I can't remember what it is called, but your NEA management company should be familiar with it.

I'm slightly concerned that you ve got NEA approval without sufficient start-up capital.

 

[Billmccallum]

the usual questions would apply.

who, what, how, when and where?

only the answers will permit someone to offer advice.

who - how many jobs created, how old are the principals?
what - manufacturing, retail or service industry?
how - bricks and mortar site or ecommerce?
when - is it a new start or already running?
where - location of the business?

grants and loans exist for a variety of businesses, but usually the criteria limits who can apply. Your local council or enterprise agency can usually point you in the right direction.

 

[VSpy1]

As I am in full time employment and mid thirties, there doesn't seem to be anything out there grant/funding wise...

 

[lazypbx]

the usual questions would apply.

who, what, how, when and where?

only the answers will permit someone to offer advice.

who - how many jobs created, how old are the principals?
what - manufacturing, retail or service industry?
how - bricks and mortar site or ecommerce?
when - is it a new start or already running?
where - location of the business?

grants and loans exist for a variety of businesses, but usually the criteria limits who can apply. Your local council or enterprise agency can usually point you in the right direction.

The above advice is exactly right. With grant funding you will also need to check what the match funding criteria is.

 

[ARGHHHH]

I am having the same problem. I am 35 and starting my own man and van type business covering removals, collection/deliverys, garden/garage,house clearances. I have work lined up already and sorting afew deals with local companies. I have been on JSA and they put me onto the New Enterprise Allowance Scheme. I have had to do a business plan, cash flow for a year etc etc and all has been approved.
All im after is some more funding to get myself going fully (another £1500 max) as everything at the moment is coming out the £1000 loan already agreed.

 

[PDRD]

As I am in full time employment and mid thirties, there doesn't seem to be anything out there grant/funding wise...

Why should there be funding or a grant? You work full time, so you could either save up to get some starting capital, or apply for a loan off your own back and put money in yourself.

Then again, that might mean someone risking their own money

 

[VSpy1]

Why should there be funding or a grant? You work full time, so you could either save up to get some starting capital, or apply for a loan off your own back and put money in yourself.

Then again, that might mean someone risking their own money

My comments relate to the fact there are grants available to people who don't work but nothign for those that do and might struggle to pay the bills so want to do more work to make life easier... it might not always be possible for working people to save as well.... whilst Im all for anyone getting a helping hand when they show willing, why should it just be specific people?

I would give an analogy of an insurance company giving discount to new customers, but the old customers get nothing, in fact they are more likely to get a price increase to fund the newbies!

I'm not looking for a debate, because to be honest, it could go on for hours and hours with many different opinions

 

[ethical PR]

How about pitching your business plan to 10 family and friends @ £150 each to invest in your business.

They are more likely to invest in your business as they know you and your capabilities.

You could also contact your local Chamber of Commerce to see if they know of any local loans/grants in your area.

 

[businessfunding]

I'm not quite sure what the recent belief in grants is.

Grants are mostly political and therefore geared to various political agendas such as unemployment (regional & national), green initiatives, recruitment, or fulfilling some local need.

The NEA is not a grant, it provides some support plus - subject to underwriting - in interest-bearing loan up to £1,000

Starting a business has never been easy & isn't supposed to be - the rewards come from risk.

 

[alasdair1982]

If you have already got £1k why do you need another £1500?

You can get hold of a large van for that( and i would hope your dealing on cod terms so no credit etc and if you already have worked lined up then whats the problem.

Get yourself a cheap van and get out there and utilise the work you have lined up.

 

[alasdair1982]

Hi

Look on fleeebay and autotrader there are loads of vans with t+t for less than a grand

alasdair

 

[ARGHHHH]

Yes i can get a van for that but all my insuraces are coming out of the £1000 aswell making the money for a van less.

 

[alasdair1982]

Hi

Buy a cheaper van and pay monthly for van insurance, Everyone has to start somewhere, when i started my business i started with a t plate swb transit that had a couple of months mot. The van was covered in rust and i used till mot run out then used money i had made to buy another van

Don't look at it as you need more money otherwise no matter what business you have or what stage it is at you'll always not do something cause you cant afford it.

Please don't take what im saying as being off, i'm not. but there are many many people who have started businesses with that sort of money.

you could easily buy a van and get the insurance in place for a grand, and with the work you have lined up that will pay your first insurance direct debit.

 

[alasdair1982]

As with all business you have to sacrifice something for long term gain...

I know too many people in my line of work that have the best tools, equipment and vans but guess what there businesses don't earn any more than mine. A guy i use to repair air con on buses/coaches spent nearly £40k on a merc sprinter on finance and less than six months later is handing it back as he cannot afford the £1200 a month on finance.

 

[Billmccallum]

I am having the same problem. I am 35 and starting my own man and van type business covering removals, collection/deliverys, garden/garage,house clearances. I have work lined up already and sorting afew deals with local companies. I have been on JSA and they put me onto the New Enterprise Allowance Scheme. I have had to do a business plan, cash flow for a year etc etc and all has been approved.
All im after is some more funding to get myself going fully (another £1500 max) as everything at the moment is coming out the £1000 loan already agreed.

autotrader


FORD TRANSIT Van Petrol

£395
1997
Private, distance 212 miles

• 173,220 Miles
• Panel Van
• Petrol

• 6
• 0

Manual, Ford Transit 2000 panel van, P Reg (1997), PETROL. ~173,000 miles on clock.

 

[10032012]

There are many websites you can register on to get customers (anyvan etc.)

Create your own capital as a last resort. Your cash flow is heavily restricted but there is no reason why you cannot make a little as you go along. Get payment upfront or cash on delivery. Don't accept cheques. So as soon as you have delivered that customers goods you have your money back. To run the business well you should be making profit on each and every delivery. Save it and then invest it.