Startup loans or Princes Trust?

[CupcakeTheCat]

Hello, I was looking in help available for start ups and what I see recommended the most is either start up loans or the princes trust. Could someone tell me their experience with either of these companies and what's the benefit of going for one rather than the other? They both seem very helpful but would like to know what made you choose one and not the other. Thank you

 

[jbr]

I haven't used either, but when you are looking for funding, it's usual to approach more than one company or organisation, then understand what their loan repayment terms, interest rate etc is, and how much they would be willing to loan you and any additional support they offer. Then you can choose the loan provider that is the best fit for your business plan and capital requirements.

 

[MCR Therapies]

Hint - avoid The Manchester Growth Company on Churchgate.
They're after your ideas and outsourced equipment.

When approaching start-up's - have a detailes business plan prepared with cash-flow. Do not disclose trade secrets like detailed quotas for equipment, deals that you got from other contractors. This may be harvested by a financial company and you could be left with nothing.

 

[surf girl]

What do you want most? Money or support?

I went with the princes trust but diddnt take out the loan, the support I had is invaluable, I highly reccomend the princes trust, the mentoring is amazing.

You could do the enterprise course for free just to get an idea of what their all about, They help you to explore your business idea with no ties, you only apply for a loan if you want to. I've been on both sides of the course as a learner & an inspirational speaker, the repayment rate is very low with the trust but you need to have a reasonable credit rating & convince the panel that your business is viable in order to get the loan, which may sound a little scary but it's in your best interest to know your business inside out!

I know a young person who recently started a business with a £15k loan who has no support and has made 1 sale in a year of trading, My heart goes out to him as he could do so well with the right support, his workshop is seriously top of the range! Then on the flip side I started my business with zero cash but great support and I'm going strong 3 years in.

 

[redlottie13]

Agree. I went through a government start up loan website and they point you in the direction of the organisation (whoever is suited to your business and location) they have a number of agencies /organisations around the UK. I just searched it on the Internet and a few came up. The support you get is amazing when you take out the loan you have free business mentoring /workshops/marketing seminars the lot!

Banks very rarely lend anymore unless you are willing to use your house as collateral.... (Or whatever it's called, sorry I haven't had coffee yet haha)