Obtaining funding for new business

delahuntv

delahuntv wrote: »

As I (and neither you) don't have much information to go on, it is not my or your position to make judgement on someone or their idea.

My experience with the banks is as recent as 2 weeks ago and was told by the manager that the restrictions on lending have loosened considerably for retail. - So its from the horses mouth!

Yes but you understand the difference between funding a startup business with no collateral or cash, and providing a loan for a business expansion? You can't compare the two its apples and oranges.

delahuntv

I've decided to delete the posts - seems some posters can use bully style tactics, mis-read posts and blurt out total inaccuracies and responses to them are not permitted.

Funny, I used to look at this forum and always thought it was informative and very much a community and decided I'd post now and again.

But as others have rightly pointed out, there are posters on now that think they know everything and its their way or no way.

Again - North Korea comes to mind.

delahuntv

Deleted User wrote: »

Yes but you understand the difference between funding a startup business with no collateral or cash, and providing a loan for a business expansion? You can't compare the two its apples and oranges.

mod deleted the important part that said I stated quite clearly to get advice from a professional and draw up a business plan.

did everyone miss that part???

pedroeibar1

What have I started?:eek:

A few background comments on why I wrote what I did -
I really don’t care if the OP wastes his time writing a business plan. (I’ll assume it’s a ‘him’.) That is his right and none of my business. However, when he asks a question on raising finance and the content of the post clearly is ‘off’ it is reasonable to question it in any response. As I did

Really? You are 34, not a householder, you have no savings yet you say you have found banks to lend you 70k or 70% for start-up costs? Frankly I for one do not believe that.

The OP repeated his belief in the availability of finance, gave no cogent reason for it and added

Curtisin wrote: »

However, since you do not seem to believe that banks would be willing to invest in it, perhaps you'd be able to come up with alternative ideas on how to obtain this sort of cash?

I responded in Post 12 and gave the OP a detailed reply including several reasons as to why he would have problems. I also mentioned several other factors that needed to be addressed. I concluded by saying

pedroeibar1 wrote: »

Blunt, but in your circumstances anything else is just waffle.

If a poster who is starting out in business is so thin-skinned that he takes offense from this he has no place in business. (In fairness the OP did not, it was another couple of wafflers.) If my comments are incorrect, fine, criticize them, tell me where I am wrong. It is interesting that Bandara who jumped in here has yet to provide some advice to the OP on how to raise the cash. (And I did not report him for back seat modding).

The nightmare the Mods have to face is not me, or people like me, it is gobs#ites who post rubbish, inaccurate information and OT comments. Because that is what will kill the Forum. Unless of course the Mods just want to drive up traffic for adverts aimed at the imbeciles that are left, the better/more experienced posters having departed.

And FWIW, yes, as someone has surmised I early in my career worked as a commercial banker (forex, then corporate lending and M&A) before moving into industry and later self-employment.

pedroeibar1

delahuntv wrote: »

mod deleted the important part that said I stated quite clearly to get advice from a professional and draw up a business plan.

did everyone miss that part???

No, I saw it and let it go because I considered it to be worthless. There is no point in spending several hundred or thousands of euro on a professional to draw up a business plan that is doomed to failure because there is no start-up capital/ shareholder equity. If the OP was lucky and found an honest professional he would be told this at the outset.

And as others have said, your banking position/experience is totally different and irrevelant to this topic.

dbran

Yet another thread going nowhere and now degenerating into "I said and then you said" tit for tat rant.