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A step by step review of methods to funs a new business enterprise the easy way. Options from firm angels to credit cards and personal loans All explained in simple English with easy steps How many times have you heard people discussing how much they would like to open their own small business but cannot raise the money. The absolutely first port of your call your family and friends know you, trust you and with a bit of luck have a high regards for your business skills too. They also will with a bit of luck have useful contacts and ideas as well. Personal loans and credit cards As any newspaper will tell you raising money from the banks is very hard work However if you are home owner with a steady occupation you will have access to credit cards and personal loans. Never state though the purpose is for a new business. Banks prefer to applications for cars, boats or home improvements. . Comparison sites like can be very useful for this Your home A secured loan, equity release or raised mortgage is an alternative option but will require not being in negative equity In most cases you will not be able to access a lower cost of borrowing. However this does of course put your home at risk.Secured finance are an option very much worth pursuing in the short and long term Government Assistance and banks However they will generally want to see you put in at least 40% yourself and will want to see a well thought out firm plan. . Do not be put off by a refusal from your bank there are plenty of others out there hungry for you account . Bank loans are an option very much worth pursuing in the short and long term Grants and soft loans Tap Uk grants into your favourite search engine and you will see there are lots of programs designed to assist new ventures. Whilst they are usually only for smaller amounts anything from £1000 upwards every penny helps. . It is a lot of work and they can be very small to make up their mind. Grants are an option very much worth pursuing Outside investors and business angels Put concern angels into your favourite search engine and you will get plenty of hits from companies specialising in this kind of finance. Business angels are generally only interested in larger investments from £25,000 upwards. They will however often be able to provide valuable advice and contacts especially if they have specific experience in your venture area . Angels therefore in our opinion are an option very much worth pursuing in teh short or long term. Even if they say no they can still provide valuable advice and contacts. In summary there are many sources of capital for funding start ups and mew projects so do not despair. In fact a terrific tip is to start part time as that really eases up the requirements plus allows you to fine tune your business plan not to mention create a track record which bankers just love
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Peter evans is a manager at Peacock Bar www.the-peacock-bar.co.uk or email bookings@the-peacock-bar.co.uk
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