Business start up grants

[Rebeccasbeauty]

Your children are very lucky I left home at 16 and still went to college for 2 years and supported myself without a penny for my parents! Not everyone can be so lucky! I relied on income support and ema to get me through that until I went full time employed at 18 I could have chosen from a handful of jobs then but I bet if someone was in my situation now they would really struggle I think start up grants really help people in need! Also think of it like this a 1000 grant given to an individual would take 4 months of job seekers allowance to match the same amount- all coming from the same pot! Most people in financial s*** excuse the French are not very unlikely to obtain a loan :-( x

 

[Floss26]

I agree with you and "Yes", you are right, I have never been in that position. But I have worked for everything I have and I appreciate everything I have. It has not been easy.

I do not understand why people have a problem with paying back a loan either from the Government or a Bank. If it is to start a business you will be making money soon, that's the point of starting a business. If you don't think you will be making enough to pay back a loan, you shouldn't start the business.

We are currently putting a second child through University. It is massively expensive. There are no grants just loans which we will have to pay back. We have just finished paying for the first child and the second one has just started! The third one, hopefully will be going next year. In total I think we are talking well over £60,000. But it is a choice we are making so that they can earn decent salaries one day so we think it will be worth it. I don't see the difference in me investing money in my children and someone else investing money in their own business.

I also still strongly believe that if its your own money you will be more committed.... thinking along those lines, perhaps my kids should be paying for themselves

Love and peace everyone.

I totally appreciate what you're saying, but what happens when, for example, a single mum living entirely on benefits, living in rented accomodation, with no savings whatsoever, goes to ask the bank for a loan so that she can start her own business? Do you really think they're going to be bending over backwards to help her? Some people aren't lucky enough to have parents like you who are prepared to make sacrifices and give their kids a helping hand unfortunately. Does that mean that these people don't deserve a chance? As for a loan from the government, I don't think anyone who's contributed to this thread has suggested that they wouldn't be willing to pay back such a loan, if it were to be available.

As a taxpayer, I'd feel happier about supporting people doing something constructive to better themselves and improve their prospects than I feel about supporting people who just wanted to stay at home all day and watch TV, counting off the days until the next benefits payment.

On the subject of student loans - its not something I know a great deal about personally, but isn't it the idea that the student has the loan repayments deducted from his/her salary at source, once he/she is earning over a certain amount? Also - you say you don't see the difference in you investing money in your children and someone else investing money in their own business. The difference as I see it, is that we're talking here about people who don't actually HAVE any money to invest.

 

[brittone05]

I don't have "parents" to invest in me. If i applied for a loan from a reputable source they would probably ring me personally to laugh down the phone.

So who does someone like me to turn to for help in making a business successful?

I am not scared of hard work by any means and would pull all the hours i could but with no spare cash to inject into bettering myself or my business, I seem to be chasing my tail al the time and the only place I am going is round in circles.

I would happily pay back a government loan that had no credit rating requirements to speak of but requirements from a business standpoint.

Business link do offer help with loans that accrue interest and such like and they play an active part in your business - but, at times, to the point where you feel like you are working for someone else rather than yourself ( not personal experience but experience from several people I know who have used Business Link )

i can't rely on my husband to create an income for me to save from etc as his health is too poor for him to work. I can't justify ignoring a bill or a school trip just to put money in my business pot so how am I ever supposed to try to better myself? xx

 

[Jo's Nails]

My life has come full circle from being a very young single mum, then working and being a tax payer, then once again becoming a much older single mum. I have worked and contributed as an employee to other people business when it was not busy taking myself out and handing out leaflets to drum up business. Filing in for fellow workers when they have phoned in sick at the drop of a hat on my day's off when my boy was much younger. I was a good worker. About 10 years ago I wanted to start my own Nail business but I didn't have the money to start up. I have so far paid for my own training, apart from one course back in November which the government sent me on. my eldest is now 17 and my youngest has just turned 4. My 17 year old thinks I am crazy and we have had blazing rows because we are always skint and he can't have what his friends have. I have invested in good products and want to reach a high standard of work and skill. He can't see the point in what I am doing although lately he is coming round to my way of thinking. My little girl will be in full time school this September so I am now preparing my self to set up my own business. I am not going to feel ashamed to ask for help this time and if I have to ask for a little money to start up I will because it's for the good of my self and two kids. Even though I don't want to ask for money I think I am too proud like that and that's something I have to get over.
I would help and offer advise to someone in my situation.xx

 

[JuicyLucy]

On the subject of student loans - its not something I know a great deal about personally, but isn't it the idea that the student has the loan repayments deducted from his/her salary at source, once he/she is earning over a certain amount? Also - you say you don't see the difference in you investing money in your children and someone else investing money in their own business. The difference as I see it, is that we're talking here about people who don't actually HAVE any money to invest.

Yes the student is supposed to pay back the loan when they are earning enough, but if you took the full amount in loans they would end up owing around 30k + interest which is just daunting for a young person.

When I say "invest", I don't mean I have loads of spare money, I mean I am putting the money I earn into my children IYKWIM. By investing in my business I mean ploughing the money back in that I make. I'm pretty sure I wouldn't qualify for a bank loan these days either - everything that goes in my account goes out pretty quickly too. There are a huge amount of things I would like but can't afford.

My business was built on a shoe string and a huge amount of work, but it was well worth it. Unfortunately, we all have to start small and build, but the industry is booming at the moment in many parts of the country.

Getting off benefits is obviously an admirable and worthy ambition and if a loan from the Government is the way to do it, then it should be made available to people. But, just like university students, there is no reason for it not to be paid back in more prosperous times.

 

[VickiesBB]

Yes the student is supposed to pay back the loan when they are earning enough, but if you took the full amount in loans they would end up owing around 30k + interest which is just daunting for a young person.

When I say "invest", I don't mean I have loads of spare money, I mean I am putting the money I earn into my children IYKWIM. By investing in my business I mean ploughing the money back in that I make. I'm pretty sure I wouldn't qualify for a bank loan these days either - everything that goes in my account goes out pretty quickly too. There are a huge amount of things I would like but can't afford.

My business was built on a shoe string and a huge amount of work, but it was well worth it. Unfortunately, we all have to start small and build, but the industry is booming at the moment in many parts of the country.

Getting off benefits is obviously an admirable and worthy ambition and if a loan from the Government is the way to do it, then it should be made available to people. But, just like university students, there is no reason for it not to be paid back in more prosperous times.

I was lucky enough to receive a small 'loan' from the princes trust to start my business.

These loans aren't freely given out, you have to put serious work into your business plan and pitch your business idea to them in more detail than any bank would ask for!

The same as many of you I couldn't just afford to start my business up on by own, I had lost by job 18 months prior to this and I was not staying on benefits for the rest of my life! I re-trained in beauty (with no help from the job centre my I add if anything they were just awkward). I paid my own way through my training so if help is offered why shouldn't we take it?!

Now a year down the link I am opening my beauty room above an established salon in a few Weeks, and without the princes trusts help I'd more than likely either still be on benefits or a dead end job.

So yes I agree with being given help, it's lovely to hear some of you don't need it but unfortunately alot more people do. I think there is an awful stigma about getting help, so many think it's just handed to you when you claim benefits, just to clarify it's not! You have to work for it, and why shouldn't you.

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[Floss26]

I was lucky enough to receive a small 'loan' from the princes trust to start my business.

These loans aren't freely given out, you have to put serious work into your business plan and pitch your business idea to them in more detail than any bank would ask for!

The same as many of you I couldn't just afford to start my business up on by own, I had lost by job 18 months prior to this and I was not staying on benefits for the rest of my life! I re-trained in beauty (with no help from the job centre my I add if anything they were just awkward). I paid my own way through my training so if help is offered why shouldn't we take it?!

Now a year down the link I am opening my beauty room above an established salon in a few Weeks, and without the princes trusts help I'd more than likely either still be on benefits or a dead end job.

So yes I agree with being given help, it's lovely to hear some of you don't need it but unfortunately alot more people do. I think there is an awful stigma about getting help, so many think it's just handed to you when you claim benefits, just to clarify it's not! You have to work for it, and why shouldn't you.

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All the best with your beauty room hun, I hope it's a great success, sounds like you've really worked hard for it.

 

[kezza*]

I had £1000 borrowed off my mother in law. I work from home, so I had to get everything. I got small sizes and something I didn't do cheap, but as I had to keep replacing things i'd get the bigger sizes or more expensive products. I have very bad credit and so a loan was not available.

 

[VickiesBB]

All the best with your beauty room hun, I hope it's a great success, sounds like you've really worked hard for it.

Thank you hun, yes it's been hard but think it's about to get harder, bring on the challenge lol x

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