£10,000 Watch

bubloo
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#1
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hey guys i want to raise £10k for a small business venture and was wondering what is the best way to get it, other then getting a business loan?

could i just take out a personal loan (for whatever reason) and use that

p.s. i am 18 yrs of age and earn approx £100 a week
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PureAppleJuice
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Unlikely to get a loan, banks want to know they'll get their money back with a low income unlikely they'll lend you that money. You could try get investment in one way another, contact companies relevant to your idea you never know might get some sort of support or investment.

Otherwise, the best low risk way to get that cash would simply to work for a few years and save what you can. High risk - Earn a bit and stick it on the stock market.
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mtbab
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banks will barely give homeowners 10K in these current times never mind someone who on average earns 5K a year, in eqivalent terms its like asking for a mortgage.

talkign of, do you parents have any equity in their house that they could lend you, if they believe in this venture
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bubloo
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hey guys thanks for the replies - bit of a wake up call, thought it would be easy getting hold of the money. how much do you think id have to be earning weekly for the banks to consider borrowing me £10k?
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Gimperial
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I doubt they would. You'd need to show you hold a full time job, and a lot of the time the requirement is that you've held it for a while.
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Talya
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(Original post by bubloo)
hey guys thanks for the replies - bit of a wake up call, thought it would be easy getting hold of the money. how much do you think id have to be earning weekly for the banks to consider borrowing me £10k?
Hmm, well you would need about £450 of 'free income' per month after rent/mortgage and any other debts (including the new loan repayment) on the affordability side of things, and of course a good credit rating would help.

I would call some places and get quotes (without going through a whole application of course because that would credit check you)
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Double Agent
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Try researching the Princes trust, i belive you may be able to get a grant or loan from them. Your chances of getting a loan would be improved if you were putting half the money up yourself. Get yourself down to business eye/ business link with a business plan and get their help, they can point you in the right direction. I'd be interested in hearing what the business is if you want to pm me with more details, i may be able to give you some more specific help.
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spark911
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If you have a business plan and it looks serious, go in, they may be willing. At the end of the day, if it will work and they can make money off you they'll want to.
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