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funding problem

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  • 07-06-2005 9:28pm
    #1
    gyaala
    Closed Accounts Posts: 14 ✭


    I need about 20 000 EUR for starting business. The plan is to deal as a Private Limited Company, is it possible to loan money from the bank as a Private Limited Company ? What are the funding opportunities, what could be the best ?

    gyaala


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    #2
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    gyaala wrote:
    I need about 20 000 EUR for starting business. The plan is to deal as a Private Limited Company, is it possible to loan money from the bank as a Private Limited Company ? What are the funding opportunities, what could be the best ?

    gyaala

    a bank will either insist u personally gaurantee the debts of it or worse ask u to give security for the loan to the company such as a mortgage for ur house. there is no way around this for a startup. the company could fold overnight and the banks know this. they have been doing business for a long time and know what they are doing. good luck with it :)


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    #3
    antoinolachtnai
    Registered Users Posts: 9,787 ✭✭✭antoinolachtnai


    Realistically, you will have to put up at least half the money from your own sources and then you might be able to convince the bank to put up the rest.

    The bank will try to tie you in to the deal personally. You have to decide whether this degree of risk is for you.

    This is a really generalized statement, and it depends what the capital is for (if you need the money to buy second-hand machining equipment, it's a whole different deal from needing the money to have a big ads campaign).


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