What is the right way to get loan for business?

[catchmeifucan]

Does anyone have any idea on how to get loans for business?
option 1: Buy out existing business (investment required: arround 200,000 euro)
option 2: Create a new business (investment required: arround 50,000 euro)

I already have experience people in that particular area of business I am interested in. I intend to be a silent investor. As, I already work. If I can put my idea to reality it should generate income for at least 5 - 10 people. I am a foreigner. Have paid taxes and followed the rules religiously since, I came to this country.

What do you think? Do I have a chance?

I am thinking of approaching Finnvera.

Only problem is that, I don't have any asset to mortgage except some money in the bank. I am sure bank is not interested to invest at this time of economic crisis.

[Sakari]

I was going to suggest contacting Finnvera but you already seem to know about it. So go ahead and contact them, probably no-one here can give you any advice better than that. They'll let you know if they won't accept your demands

[catchmeifucan]

I was going to suggest contacting Finnvera but you already seem to know about it. So go ahead and contact them, probably no-one here can give you any advice better than that. They'll let you know if they won't accept your demands

I know what you mean. It is no gonna be easy but, lets see.

[raamv]

Does anyone have any idea on how to get loans for business?
option 1: Buy out existing business (investment required: arround 200,000 euro)
option 2: Create a new business (investment required: arround 50,000 euro)

I already have experience people in that particular area of business I am interested in. I intend to be a silent investor. As, I already work. If I can put my idea to reality it should generate income for at least 5 - 10 people. I am a foreigner. Have paid taxes and followed the rules religiously since, I came to this country.

What do you think? Do I have a chance?

I am thinking of approaching Finnvera.

Only problem is that, I don't have any asset to mortgage except some money in the bank. I am sure bank is not interested to invest at this time of economic crisis.

Well,
Since you are an part investor, Finnvera would like to know who is going to run the business, and who will be responsible for the Ops, the team, the board, etc etc..
I hope that you have those in your BP.
Apart from your idea and some money and maybe a good BC, what do you have ?
Are you expecting Finnvera to run this business, finding the right team/persons etc etc and setup everything else?
and DO you have a good exit?
Bank might also be an option if you know who to contact..
If you are not successful with Finnvera, post here and I will see what I can do..

[catchmeifucan]

Does anyone have any idea on how to get loans for business?
option 1: Buy out existing business (investment required: arround 200,000 euro)
option 2: Create a new business (investment required: arround 50,000 euro)

I already have experience people in that particular area of business I am interested in. I intend to be a silent investor. As, I already work. If I can put my idea to reality it should generate income for at least 5 - 10 people. I am a foreigner. Have paid taxes and followed the rules religiously since, I came to this country.

What do you think? Do I have a chance?

I am thinking of approaching Finnvera.

Only problem is that, I don't have any asset to mortgage except some money in the bank. I am sure bank is not interested to invest at this time of economic crisis.

Well,
Since you are an part investor, Finnvera would like to know who is going to run the business, and who will be responsible for the Ops, the team, the board, etc etc..
I hope that you have those in your BP.
Apart from your idea and some money and maybe a good BC, what do you have ?
Are you expecting Finnvera to run this business, finding the right team/persons etc etc and setup everything else?
and DO you have a good exit?
Bank might also be an option if you know who to contact..
If you are not successful with Finnvera, post here and I will see what I can do..

Thanks, raamv!!!
Here is where we stand:
1. My would be partners have more than 10 years of experience in the particular field of business. In fact, they now run a business on lease but, would now like to either buy it or go for a new venture along with some of my ideas.
2. They will be active partners and I will be silent partner as I work. What do you mean by BC? In short, the setup and team is ready to switch provided we can get money.
3. The existing business is a healthy one and the owner is also interested to sell if we can place a good offer. It would be a good thing if we can buy out the existing business as it has a brand name. Otherwise, we need to setup a new one.

In fact, one of my partners visited bank and was adviced to visit Finnvera.
We have a problem none of us has any thing to mortgage.
I have a job and some savings and my partners also the same.
I will visit Finnvera and try to find the limit to which we can get loan or at all get anything or not.

[raamv]

Thanks, raamv!!!
Here is where we stand:
1. My would be partners have more than 10 years of experience in the particular field of business. In fact, they now run a business on lease but, would now like to either buy it or go for a new venture along with some of my ideas.
2. They will be active partners and I will be silent partner as I work. What do you mean by BC? In short, the setup and team is ready to switch provided we can get money.
3. The existing business is a healthy one and the owner is also interested to sell if we can place a good offer. It would be a good thing if we can buy out the existing business as it has a brand name. Otherwise, we need to setup a new one.

In fact, one of my partners visited bank and was adviced to visit Finnvera.
We have a problem none of us has any thing to mortgage.
I have a job and some savings and my partners also the same.
I will visit Finnvera and try to find the limit to which we can get loan or at all get anything or not.

1. What kind of venture matters in your financing from Finnvera or TE-Keskus or both. If you already are an established venture ( or an Oy) and are looking for expanding the business ( with or without new ideas, business models etc) there , you could use Venture capitalists as support or risk partners apart from TE keskus or Finnvera. This depends on the field of your venture.
2. BC= business case. As a silent partner, what is your role going to be and are you one of the owners also ( meaning equity stake)?.
Money will not be an issue if you have the right business case and plan ready and even better if you can prove that you are already generating revenue and can show a path to profitability ( ROI).
3. Dont understand how you can own the business with some partners and then still buyout ? buyout from whom? Your business structure seems a little vague to me..
Try Finnvera and see what advice they give you. Generally they are also connected well in the closed secret garden of venturing..

[catchmeifucan]

1. What kind of venture matters in your financing from Finnvera or TE-Keskus or both. If you already are an established venture ( or an Oy) and are looking for expanding the business ( with or without new ideas, business models etc) there , you could use Venture capitalists as support or risk partners apart from TE keskus or Finnvera. This depends on the field of your venture.
2. BC= business case. As a silent partner, what is your role going to be and are you one of the owners also ( meaning equity stake)?.
Money will not be an issue if you have the right business case and plan ready and even better if you can prove that you are already generating revenue and can show a path to profitability ( ROI).
3. Dont understand how you can own the business with some partners and then still buyout ? buyout from whom? Your business structure seems a little vague to me..
Try Finnvera and see what advice they give you. Generally they are also connected well in the closed secret garden of venturing..

Thanks raamv!!!
Regarding the your point No. 3. My would be partner runs now the business on lease from the actual owner who, due to personal reasons did not wanted to run it any more and decided to sell it. During that time my would be partner was a manager there and was offered to buy the business or run it on lease for a fixed sum of money every month. The company is Oy.

Thanks again for your valuable advice. I will post the developments with Finnvera after I meet them.