Five multi-millionaires who needed a loan to launch their empires
The world is full of ideas and entrepreneurs who would like to take them forward, but the stumbling block is often generating the cash to get things off the ground.
Banks may not be interested if you are not a customer they trust, but there are lots of other options when it comes to borrowing.
If you already have a company and have an idea of how to push it forward but do not have the assets to secure it, a business loan could be the solution.
Securing a loan
Wherever you are looking for new business loans Northern Ireland or the rest of the UK, you will find lots of options at sites such as www.assetfinanceni.com/.
You will be in good company if you are successful in securing a loan. Here are a few people who led the way; how many have you heard of?
1. Mike Ashley, the head of Sports Direct and owner of Newcastle United, opened his first shop with a £10,000 loan from his family in 1982. Ashley now features on the Forbes Rich List at 629. He has since purchased the House of Fraser brand and is a major shareholder in the Debenhams chain.
2. The controversial former CEO and Chairman of Tesla, Elon Musk, was forced to step down earlier this year, but not before he made his fortune. His success began with another family loan of $28,000, which he used to start a software company before founding PayPal. He went on to sell PayPal to eBay for $1.5bn.
3. Steve Morgan, now retired from Redrow Homes, formed the company after buying out his employers at Wellington Civil Engineering in 1974 with a £5,000 loan from his father. After 15 years, Redrow was listed on the FTSE 250. After stepping down as Chair in 2000, Morgan came back after the financial crash and is credited with restoring the company’s fortunes.
4. Mum and Dad also helped Tom Singh create New Look and its almost 600 stores with another £5,000 loan. Singh retains a 10% stake in the company following a £700m buyout and is heavily involved in online fashion start-ups.
5. Linda Bennett, the founder of LK Bennett, turned a £15,000 loan into a multi-million-pound footwear brand, selling 70% of her stake in 2008 for a reported £100m.