financing a business

[lordster]

I am currently the head chef of a large hotel and feel that i can't go any further in my career unless i set up my own business. Unfortunately, due to me being stupid with money earlier in my life i now have a poor credit rating. Will my personal credit history affect my chances of financing a business or will it be looked at seperately?

[Oneeyedvic]

Firstly the glimmer of hope - any thing you do in your past will come off your credit record after 6 years.

Unfortunately, as a new business, you can only be assessed on your viability with regards your personal finances - and therefore you will have very little chance of financing a business with a poor credit history.

There are certain funds that may be accessed if you are in a deprived area - your local business link may be able to advise.

[silverdaler]

I agree. Definitely go to Business Link - they will advise you. They are very helpful.