A) you need to draw up a detailed business plan. including all setting up and initial operation costs.
you will need one to get considered for a loan.
if the amount ends up rather large, think about how you could streamline the idea. start as small as possible and build it up over time. this could also be beneficial with the recession.
the better the business plan, the more likely you are to get support.

B) if you really need a large loan. do you have collateral you can offer the bank? i.e. you would need to secure the loan against something of value – your house for example – as security. be warned, if your venture fails and you cannot repay the loan you WILL lose what ever you secure the loan against.

i know that when it comes to business everyone is told to think big, but remember they mean this in terms of future thinking. not from the beginning. good luck.You should have a debt management plan. Using this plan the company can negotiate with your creditors to arrange affordable payment options for you. I read one article on moneyhigstreet.com about debt management and how to manage debts. Try it if that one will work for you.

 

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