Making Applications for funding

Ken Germaine

I want to talk about…

What is available and from whom?

Criteria

How to deal with agencies/banks

What do you need

Q&A

Where can you get funding?

• Personal investment

• Bank loans

• Credit union loans

• Bank overdraft

• Financing

• Grants

• Friends and family (only if you must)

Financing Your Plan

Where do you need to bring your business?

What extra resources are needed?

What are these resources needed for exactly?

When do you need them exactly?

How will these investments pay a rate of return?

Cash flow versus profit?

City & County Enterprise Boards

Grants

• Feasibility

• Capital

• Employment

Loans

Preferred share investment

Other: TechCheck etc.

City & County Enterprise Boards

Criteria:

• Manufacturing or internationally traded

• Must be operating within their area

• Must be approved in advance

• Funding is retrospective

• Being merged into the local authorities

• Enterprise Ireland

Private investors

• Business angels are private high-wealth individuals.

• Usually want a proportion of the business

• Need to be a limited company

• Halo business angel network - DBIC

• VC involvement usually comes in stages: test, start up, growth, mezzanine and exit

• VC involvement usually results in IPO

Bank applications

Campari anyone?

Character

Ability

Means

Purpose

Amount

Repayment

Insurance

Bank applications

• Approval by central lending unit in Head Office not local bank manager

• You will not meet the person assessing your application

• They can only assess the strength of the documentation that you present to them

• Its all about the documentation…

Bank applications

What documentation?

• Application form

• Business plan

• Audited or management accounts

• Note – credit check

Contents of Business Plan Cover Page

Acknowledgement (optional)

Contents

Executive Summary

Management Plan

Operations Plan

Sales & Marketing Plan

Financial Plan

Implementation Plan

Appendices

Conclusion

There are funders available

You need to be sure that what you do meet their criteria

Don’t waste your time and theirs

Present solutions not problems

Documentation is very important, especially for banks

Business plans

Any Questions

Kenneth Germaine

Mobile: 083 405 1321

Blog: http://startyourownbusinessblog.wordpress.com

Web: www.germaine.eu.com