Over the course of 2016 I am launching a new business in progressive stages.
At this stage I am keeping a very tight lid on the concept and details.
The goal of the business is to become a franchise in 4 to 5 years' time. Some initial investment has been spent on an application for a first trademark and on some building work at a physical retail location.
The purpose of this loan will be to fund part of the remaining renovation work.
Loan repayments are comfortably covered by current revenue from the “day job”. The loan period is set at 12 months; in reality I aim to repay the full loan within a much shorter time period.
I will likely aim to secure at least one more business loan following the repayment of this loan, as further stages of the business launch are completed.