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He that is known to pay punctually and exactly to the time he promises may at any time, and on any occasion, raise all the money his friends can spare.
Benjamin Franklin
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Assistance
Loans
The “Golden Rule” for financing a new business is: As little as possible, as cheaply as possible.
Do not put money into the unnecessary. It is better to start off running your business from the attic without a loan than in a glossy, but unnecessary, high-street office with heavy bank borrowings.
On the other hand, do adopt a realistic position on the amount of money that you need to get going. Your financing will have to be sufficient to carry the business for a reasonable period before it reaches some kind of balance, where money coming in equals money going out. In addition to capital investment in plant, equipment and premises, your financing may have to supply most of the working capital until sales begin to generate sufficient income to give you an adequate cash flow.
The key issues are usually:
- What is the right balance between debt and equity?
- What is the cheapest form of debt available?
- How to reduce the amount of borrowing required?
- Will borrowing be backed by personal assets?
Often, if you only need a small amount of money, the best way to raise it is to approach a bank with which you have already built up some relationship, whether on a personal basis or in a business capacity. The larger borrower may feel it worthwhile to seek professional help to put together a more sophisticated fund-raising package.
ACC Bank plc
AIB Bank Enterprise Development Bureau
Anglo Irish Bank Corporation plc
Bank of Ireland Enterprise Support Unit
Bank of Ireland Northern Ireland
Bank of Scotland (Ireland) Ltd
City/County Enterprise Boards
See individual entries for:
Emerging Business Trust
Enterprise 2000 Fund
Enterprise Northern Ireland
See individual entries for:
Enterprise North West
First Step
First Trust Bank
Guinness Workers’ Employment Fund Ltd
ICC Bank plc
Irish Hotels Federation Fund
Lisburn Enterprise Organisation
Lombard & Ulster Banking Ltd
National Irish Bank
Northern Bank
Prince’s Trust Northern Ireland
Royal British Legion Small Business Advisory and Loan Scheme
Social Economy Agency
Social Finance Foundation
Society of Saint Vincent de Paul
TSB Bank
Ulster Bank
See also:
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