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josh2000uk74
28-09-2004, 09:25 PM
Hey, I'm sure that the government have loads of idle cash they've not put into education of the NHS just waiting to be given to me to start my business. I've got a pretty good outline of what I want to happen and I've got about 3,000 to invest into the business, my (hopeful) business partner has about 1,500 of her own to invest too. I was just wondering how likely it would be for a bank to give me a loan to hopfully up the finances to 10k? Or if there are any grants I would be able to receive. I'm currently in full time education, having just started my a-levels. But I've decided that it's just not for me... help!

Statler
30-09-2004, 10:35 AM
Hi Josh,

The banks may be able to help - shop around and see what they say. Unfortunately, they may not be able to give you a business bank account as I am presuming you are under 18 years of age. There is a way round this - you can always ask a family member to set up an account in their name, then transfer it over to you when you are 18.

Your age will probably be a barrier when it comes to applying for grants and loans, as the criteria normally state that the applicant has to be 18 years and above.

However, all is not lost! If you do have to wait a couple of years, you can use this time to build up your finances, and to develop a thorough business plan. You can also use the time to learn more about setting up a small business and what this entails.

If you do wish to continue at looking at setting up a venture now, then I would point out that the availability of funding differs from region to region and from project to project. It will be best to seek advice and information from your local business support organisation.

Try the most relevant of the following:

Business Link (England)
www.businesslink.gov.uk

Business Connect (Wales)
www.businessconnect.org.uk

Business Gateway (Scotland)
www.bgateway.com

Invest Northern Ireland
www.investni.com

The Economic Development department at your local council (http://www.oultwood.com/) may also be a good source of information about grants and loans. In addition, local enterprise agencies (http://www.nfea.com/index.htm?page=find_lea.htm) and the Prince's Trust (http://www.princes-trust.org.uk/) may also be able to help.

If you register online with Shell LiveWIRE at http://www.shell-livewire.org/cgi-bin/register.pl, you will be able to access a great deal of relevant information within the Be Your Own Boss section, including articles on Finance and Funding.

Lee