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Businnes loan?

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  • 09-03-2006 5:52pm
    #1
    gibbon75
    Registered Users Posts: 879 ✭✭✭


    I'm thinking to start my own business (I just turned 30,so yo know how is it :( ),but I don't have enough assets at the moment.There's a turn-key ready (fully kitted,employees etc.) franchise option,but I need a business loan.
    The only problem is we (me and my fiancée) aren't Irish residents yet (we are EU citizens).Do we have a chance at all to get a business loan,or is it hopeless?
    Any opinions or infos are welcome ;)


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    #2
    Nuttzz
    Registered Users Posts: 3,774 ✭✭✭Nuttzz


    the bank will not finance the whole operation itself tbh, you will need something to put in yourself regardless of your nationality


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    #3
    kluivert
    Registered Users Posts: 2,399 ✭✭✭kluivert


    Side Note:

    Companies Act here in Ireland state that at least one director of the company must be resident, if this is not the case then a deposit is paid to the CRO. Not to sure on the figures.

    On the above matter, would seeking finance from a financial institute in your resident country not be an option. In thoery, as we are apart of the EU, there is free movement of capital and labour, so sourcing finance should be ok.

    1. Seek a bank loan for set up.
    2. Invest personal savings.
    3. Seek finance from other family member.
    4. Lease assets instead of buying them.
    5. Look at Venture Capitalise.
    6. Any grants available - for example setting up a urban renewal zoned area.
    7. Release equity in your house by remortgaging.

    Cant think of any other options at the moment.


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    #4
    gibbon75
    Registered Users Posts: 879 ✭✭✭gibbon75


    Thanks for the info lads!


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    #5
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    The one essential thing aside from the legal requirements ,IMHO is the requirement for a good business plan .
    My own experience is that there is an awful lot of cash out there but you need to give the sources of that cash a damn good reason for handing it over to you.

    As I've posted before, go to your local Enterprise Board and look at doing their Start Your Own Business course (Usually one day a week over 8 weeks)


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