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Jamesc
02-03-2004, 09:05 PM
I am starting a webhosting business and am in need of some money to rent servers and general upkeep for the first 6-12 months. As i am only 16 were can i apply for a loan?

James

Statler
04-03-2004, 10:24 AM
Hi James,

I'm afraid that you won't be eligible for loan funding from any business support organisation that I know of, due to your age. It may be possible to get a small personal loan from a bank, or an overdraft (extension), so it could be worthwhile contacting your local banks and finding out what they have to offer.

Is it possible that you could borrow the money from family and/or friends? This is an option that many entrepreneurs, regardless of age, often explore.

Another option would be to try to save up as much money as possible, while conducting market research and putting together a business plan that could be used to attract investors in the near future (any business loan provider would want to see a thorough, well-researched and well-written business plan). As you are no doubt aware, webhosting is a competitive market, so you will need to come up with a unique selling point (USP), etc, in order to make your business stand out from the crowd.

Good luck,

Lee