Credit Unions and Businesses

[Ravenbluemoon]

OK, so I'm going to bite the bullet and set up a savings account at our local Credit Union. It's something I'm tempted to do now as I need to have a fall back in case of being made unemployed (they've laid off 20% of our UK staff, about 70 people are going).

Anyway to my question - Mrs R is looking at setting up her own business. It'll be based at an "incubation" complex (i.e. small offices for new starters) that the local council et al are supporting. Now, the rates are all inclusive, low and fixed, so it's ideal for what we are trying to achieve.

Trouble is, we are lookng at ways of funding the start up costs - deposit, first month's rent, a few bits of equipment, advertising, website development (although I may try that one). I was wondering if the Credit Unions did any short term loans for small, local businesses. She'll be working as a sole trader.

Any ideas?

Thanks Guys...

[refie999]

Hi Raven,
I have had help from my local credit union to pay the rates on my business so it is well worth having a chat with them. I have always found them extremely helpful and very easy to talk to.

In the area where I live we have a place called MONEYLINE which helps with start up costs for new business, is there anything like that near you?

Google 'Business Link', there is loads of info there on help which is available for starting up a new business. Also have a look at the info on grants which is on that site, you never know you may be eligible.

I hate to say this but how about the banks? NatWest are advertising that they have plenty of funds to help small business.

I know the climate is bad at the moment but I have found there is more help than ever out there if you spend a little time making enquiries.

I wish you all the best with your venture, btw start that savings account mine now stands at £1400 - that has accumulated by just adding £10 or £20 per month!

[Ravenbluemoon]

Thanks Refie - A lot of imformation to ponder over! We'll pop into the Credit Union next week, as they've shut now.

Moneyline sounds interesting, but looks like they haven't reached here yet. Leicester has one, and South Yorkshire has just started up.

Just been looking at Business Link - lots and lots of useful stuff on there. We've also been on Nottingham Business Venture wth regards to Business startup advice and planning - we've just had a chat with the guy who runs the offices we're interested in, and he pointed us that way. Hopefully we can get a good Business Plan sorted with them.

The banks are still there to be considered, if they are able to give us a good deal on £500 or so, then they could be useful. We need to set up a Business Account anyway, and Natwest and HSBC are regarded as good to talk to. There's still a possibility of getting money from relatives, but there is a big minefield there! I've also got some savings and some shares I can sell, bit gutted with the shares as they've dropped about 40% since last summer....

I'll start that savings account - it sounds like a better call than the Building Society ISA I have!

[refie999]

Good Luck Raven keep us posted on your progress.

[sharon7]

Another good thing with businesslink is they do lots of courses to help you. I did the V.A.T. one. Not that I needed to pay V.A.T. but it did help. They tend to be run by people who have their own business. The very nice guy that did our V.A.T. one had help setting up from b.l. and it was his way of helping out. You dont pay for the courses but do need to book them.

[littleredhen]

Excellent Raven, keep us up to date in how its all going.

[refie999]

Raven I don't know if this is any help to you but Businesslink phoned me today - out of the blue - Just to ask if there was anything they could help with regarding my business. The person on the phone ran through the type of things they can assist with and one of them was setting up a website. They help with business plans and anything else you might need assistance with.

Apparently they have people in all areas who will call out to see anybody who needs help with anything regarding business. It may be worth you giving them a ring and getting one of their people to call and see you.

[Ravenbluemoon]

Thanks everyone, nice to know there is help out there!

I'll get on to Businesslink, apparently there is a really good guy locally who helps with Business Plans for them. That's something to look at next week as I'm off to a wedding at Potter's Bar at the weekend, so we won't be up to doing much :beer:.... still just enough time to check out the Credit Union on Friday morning!

As for the website, there's a guy close to home that does that kinda thing.....;)