View Full Version : my mama's money
03-07-2004, 07:32 PM
I am 19, not great a paperwork, but have a wicked business idea. My mum has cash and business skills and experiance. If she give me the money with strings attached am I likely to quallify for funding for my share of a bussiness. I would want to put at least 60 percent of the funding to ensure I retain control. is it a bad idea to go into partnership with yo mama?
05-07-2004, 10:30 AM
Only you can decide if it is a good idea to go into partnership with your mother. Will you be able to work together? Will you be able to seperate work issues from your personal lives?
05-07-2004, 09:53 PM
my mama and I have a cool relationship so far. When it comes to finiace or business we have a adult relationship. (she don't want me to be no scrub)What I wanna know is will I qualify for under 30 grant funding
06-07-2004, 09:33 AM
Grants are financial assistance for specific projects, eg the production of promotional materials or the restoration of a shopfront. The obvious benefits of grants are:
• they don’t have to be repaid, unless you fall foul of the grant criteria!
• they cover some of your project costs, so free up money to be spent in other areas of your business
However, grants have many downsides:
• they are only available in certain areas of the UK and must be used for a specific project – unlike loans, grants can rarely be used for working capital.
• availability is limited, competition is fierce, and often no more than 20 or 30 businesses can receive assistance before funding is fully allocated for the financial year.
• you will be expected to meet at least 50% of project costs out of your own pocket, so grants are not ‘free money’!
• the application process is often slow (three months and upwards in most instances) and it is unusual for grants to cover costs in excess of £5,000; often they will be for smaller amounts, usually between £250 and £1,000.
Before applying for a grant you should carefully weigh up your options. If you need working capital then perhaps it would be better to apply for an overdraft. If you need money for a variety of business purposes, eg stock, equipment, etc, then perhaps a loan will be better.
The Business Link website contains some useful information on grant funding and other forms of financial assistance:
vBulletin® v3.8.1, Copyright ©2000-2015, Jelsoft Enterprises Ltd.