Any Ideas How to get Funding been Unemployed

coronea

Hi All
I have a couple of different start up Ideas. I have plenty of experience in both and there is an reasonable income to be had from them.
My problem is that I have approached both our main Irish Banks for some funding and they both said get up and running first and then we'll have a look???
I first approached AIB with an all singing and dancing business plan which to be fair was very detailed and realistic looking for 10K.
I then called into local BOI and had a informal meeting with Bank Manager.
I gave her my ideas and was looking for a reduced 5K. She could see my ideas where viable but before we went down the route of business plans and applications she made a phone call to Dublin Head Office to "feel it out" A big dirty NO was the reply.
Having some personal contacts in the banking industry I have been told that unemployed people don't get funding due to the repayment capacity.
My loan or funding is required to purchase a commercial vehicle, get it up and running (tax Insurance etc) and but some stock in bulk.

Now my question to all you good people is there ideas or suggestions that may help me get of welfare and back making something of my life.

I have approached enterprise board and they told me that as my ideas are serviced based and not new or exportable then they could not help and to try the banks!!

Regards

dbran

Hi

You should try these guys. The amount that you are looking for does not seem to be so great and provided you have been refused finance by the banks they may be able to help you.

http://microfinanceireland.ie/

Best of luck

Kind Regards


dbran

Rhys Essien

You could consider setting up a gofundme account.See here.
http://www.gofundme.com/

Also have a read of this.
http://www.irishtimes.com/business/take-it-for-granted-how-to-get-your-hands-on-government-start-up-funding-1.1446599?page=1

Also see here
http://www.welfare.ie/en/downloads/sw92.pdf

Peterdalkey

You are indeed in a vicious circle and need to find a way to break out. I have no experience of the likelihood of the funding ideas above being able to generate the funding you need, especially as it is a service business with little upside potential for your investors.

Your best bet, in my opinion, for this type of business would be to go around friends and family to raise a s much cash as possible and then go to the banks again with say 2.5K and ask them to fund the balance. They want to see you taking at least some of the risk, not themselves taking it all!

Alternatively, you could also get a friend or relative, who believes in you and your idea, to lease or HP finance your vehicle in their name and you make the repayments.

Both of these routes put a huge burden on you not to let your friends/relations down and until you have repaid them or taken over their liability, the exposure is a sacred debt of honour of yours. The first option suggested would be the better of the two as it does not involve them in any future commitments/liability.

coronea

Hi to all my replies.
Thank you very much for your input. I will look into all your suggestions.
I have to say it's nice to receive some constructive ideas rather than the usual negative stuff you get from organisations set up to help people like me.

Regards

Graham

On the assumption that the bulk of your finance is to purchase a van, have you considered long-term van rental? I just did a google search for "long term van rental ireland" and got a few results back.

I'm sure it will work out more expensive than buying your own van but it might be enough to test the water with your business idea before you commit large sums of your own (someone else's) funds.

draiochtanois

This post has been deleted.

tarmon

You could maybe look at Clann Credo http://www.clanncredo.ie
I dont know a whole lot about them but they were mentioned to me when I was looking for funding a while ago. I think the funding has to have a social aspect to it. Maybe you could put together a case with the fact that you would be taking yourself off the live register and maybe down the line employing people.

Best of luck with it.

Spice Girl

The social welfare make €1000 available to you as part of the enterprise allowance scheme - just ask your social welfare officer. Catch is that they look for 3 quotes and only pay half of the price ex VAT - eg if the equipment costs €2000 ex Vat then they will give you €1000 but you have to fund the remainder

ssbob

Some great suggestions out there.

I think as mentioned above try and talk to family and friends to scrape together some of the money and I know this might seem ridiculous but if you could even put €20 away a week from the dole(I know times are tough) then after say 10 weeks you could always go back into the bank/credit union and get a personal loan on the back of that, it shows your capacity to pay back €20 a week so approx €1,000 a year!

The idea about borrowing someone elses van is also a great idea, I am sure there are plenty of unused vans out there and you would be surprised how cheap they are to rent for a day! Not ideal but will get you started.

What area you looking to get into?

coronea

Thanks again for all the replies
SSBOB is right some great suggestions coming from thread.
My areas of experience is in Telecoms, Satellite & Aerial Installation and repair and also Car Audio / Hands-free Installations. I am going to try an incorporate all
of the above and other related products.
Nothing "earth shattering" I know but there is demand and I know what I'm doing
so better than sitting around all day.

Again thanks for all your replies

Peterdalkey

Your positive attitude will get you there, you just need to stick at it. Best of luck.

mickdw

I don't see a van as a huge start up cost.
Rent one or buy the cheapest respectable van you can find. You only need to get up and running. In a years time, you can go out and get a nice van if its a viable business.
Have you looked at insurance that will cover you in your line of work?
I'm sure you will need cover against claims for defective works and also some form of accident cover I would have thought.
Will you have stock or equipment costs on startup or do you have most of equipment that you might need?
Have you considered getting work as an installer with one of the bigger companies. If you were working, the bank would be much friendlier.