Comments on: Money for starting a business

By: Adam Shaw

Adam Shaw — Wed, 15 Jun 2011 23:41:26 +0000

Hi,
Thanks for the response. A B&B because we’ve always been in hospitality. We now have a little boy so we’re looking for something that’s easier to run than our current pub/restaurant/B&B allowing us more time to spend with him.
We’re still fairly young so we’ll need a decent sized B&B to make an adequate income, but if we have to carry on up the ladder for the next 5-10 years then we’re able to do that too.
We’ll get there, it just might take a bit more time and saving!
Thanks for your help though.

By: admin

admin — Sat, 28 May 2011 13:25:28 +0000

Hi Debbie – I have sent you a personal email to see what help I can provide for your business purchase

By: admin

admin — Fri, 27 May 2011 23:40:55 +0000

Hi Adam – thank you for the question, apologies for a delayed response. You will have a problem with buying a business of that size with such a low deposit, even if you were able to get EFG approval. If you are looking to invest in a B & B there will be security for the loan (So EFG will likely be ruled out any way), but most banks will only lend commercially up to around 70% LTV (Loan to Value). So in your case you would likely need £90k with the £300k business. Can I ask why a B & B?

By: Adam Shaw

Adam Shaw — Tue, 26 Apr 2011 22:54:33 +0000

Hi,
Myself and my other half have 30 years hospitality experience between us and would like to buy a fair sized B&B, around £300,000 – £400,000. If we have a deposit of only £15,000 – £20,000 and nothing to secure against, is there any way of raising the money just using our business plan and deposit (eg the EFG loans mentioned earlier)? We’ve not found the business yet, but would be looking to achieve an annual turnover of around £100,000.
Thanks for any help you can provide.

By: Debbie

Debbie — Thu, 28 Oct 2010 09:41:46 +0000

My husband and I are interested in buying a cafein uk that is already established and includes all furniture fittings etc We are unsure of the best way to begin to raise the finances needed to buy the cafe and the steps needed.(approx £155k)can you offer any advice?

By: company formation UK

company formation UK — Fri, 09 Oct 2009 14:52:29 +0000

If you do decide to set up a business from scratch, it is important your business plan is as robust as possible to secure funding from most banks.
It is important you do your research into the market and you take into account all of the costs associated with setting up your business.

By: admin

admin — Sat, 20 Jun 2009 16:21:29 +0000

This will depend on the country you are in and I think you have to be over 18 to borrow in the UK not sure about America or other places in the world. To borrow any amount of money and especially this amount George you would need to have a very good business proposition and you will find that unless you are putting up some of your own money and the loan is secure you will not be able to borow this sort of sum from the high street banks. You might be able to get an investor or venture capitalist on board or a specialist bank, but the business idea must stack up and be a very good one – hope this helps, if you want to ask any further questions please do so, Russell

By: george keywood

george keywood — Sat, 20 Jun 2009 15:14:26 +0000

hello i wanted to no how old u have to be to start a buisness and borrow this kind of money say £400,000 thanks

By: How to start a small business | in business blog for successful entrepreneurs

Wed, 29 Apr 2009 10:06:15 +0000

[...] – Decide on whether to should I buy a business or set up a business from scratch or even buy a franchise business. There are relative merits of each route, as discuss in the article link here. A franchise is a good route to take where you are seeking banking finance, as banks like franchises. [...]

By: Kathy

Kathy — Wed, 29 Apr 2009 04:02:39 +0000

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