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Old 09-16-2009, 10:26 PM
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pathography pathography is offline
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Default Banks

So, the Bank of Ireland turn me down for a loan of €5000. But they still want me to give them my wages every week. (which I have done for the past five years)
Now I am no money wizard, but as I was told, since I let a few bills go over date by no more then two weeks. I am not a suitable applicant. But they still want to help my studio. In which way, by me having my account with them. So I am to work harder then I am (55-60hpw) in a kitchen. To show them that I have money coming in. And my employment is seasonal, so come the 27th, I am out of a job. Then give it to them, so they can spend it the way that they see fit. Probably helping some one, who has millions, get more millions. And then refuse me €5000 again.
I am asking for some sound advice here. I was ready to quite my job today, just so I could go YELL at the bank manager. In the town that I live there is a steady influx of tourist every year. Which are here to spend money. My plan is to help the town and my self to some degree. but more over to take images of people that they would not be able to do them selves. In short providing a service that everyone says is missing. And once again I am brought back down to earth because the number don't work out for them.... The Big Wig Fat Cats! who have squandered millions and millions of euros. I read that there are 21,000 empty living quarters in the republic of Ireland. 21,000 empty house because the banks paid out billions in the construction industry, to build houses for people that don't exist. And here I am a sole trader trying to open a small business, so I can be happy. Is that to much to ask for. In the world of more money then sense, yes it is...
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Old 09-16-2009, 10:37 PM
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Todd Todd is offline
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umm, let me think about this....
Todd Shaak
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Insanity: doing the same thing over and over again and expecting different results. -- Albert Einstein

The trouble with most of us is that we would rather be ruined by praise than saved by criticism. - - Norman Vincent Peale
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Old 09-17-2009, 12:01 AM
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Jim Jones Jim Jones is offline
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I'm sorry that the bank turned you down. It would have been nice to start up a business in style, but many photographers have had to slowly work their way up to a setup like you envisioned. Study Edward Weston for an example, and he was one of the best of his day.

Banks irritate me, too. My hometown bank was one of the very few in the county that came through the great depression without a hitch. Then an ambitious banker bought control of it, expanded into another town, and closed the local branch. My credit is quite good, but like a lot of older people, I prefer saving up to borrowing. This year is the first time in decades that I've had a little money free to update some ancient equipment. On ebay gear appears to be more readily available in America than elsewhere.

I shouldn't be giving advice about business. My expenditures for expendable supplies this year is up to $2245, and sales at last weekend's arts & crafts show was only $440, with about that much in orders from repeat customers. Fortunately, it's a hobby, not a business.
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Old 09-17-2009, 12:49 AM
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shutterman shutterman is offline
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Sorry to hear you didn’t get your startup cash for your business plan. Hopefully, you will find a way to make your dreams come true. I always tell my kids to never give up, never, and eventually you will finish strong accomplishing what you set out to do. I wish you luck and hope things workout the best for you.

A few years back I got turned down by a bank I'd been faithful to for over ten years. I said what? I got irritated and was ready to give up. However, I kept looking and found a better way to get what I needed--legally.

Last edited by shutterman; 09-17-2009 at 12:52 AM..
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Old 09-17-2009, 01:58 AM
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Java Joe Java Joe is offline
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Pat sorry for the way things turned out. There is another way. Your working more hours to show the bank, believe me they don't care. Start small, use the extra hours to sell and create your photography on the days off. Save your money and pay your bills on time. If you have to work extra hard you may as well do something you love. Thats how I got my large format printer and my 300mm zoom. I not trying to show off but I'm trying to show its baby steps to your goal. When you get there you'll apreciate it more. Consider this advice from
Good luck
Joe O'Brien
In life all you need is a man with a shovel who knows where to dig!
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Old 09-17-2009, 02:21 PM
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chaud chaud is offline

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Default Dump 'em!

The bank turned you down and still wants your business. Dump 'em. Switch banks. Not sure what banks you have in Ireland but in Canada we have banks that are geared to small business. One such bank is the Canadian Imperial Bank of Commerce (CIBC). I dealt with them for several years but because they are a business bank I found them impersonal and loans managers were getting swapped out with new ones about every 6 months, so you could never seem to build a relationship with anybody at the bank. So I left.

We also have credit unions. Barbara and I belong to a Credit Union. Our loans manger is the wife of a good friend of mine. She is a friend now as a result and we go to her and she helps us with whatever we need. It is so nice to have that kind of personal service.

Anyway, if you have a choice, move your account(s). Don't support this bank for not supporting you. Try another bank, try another loans manager. Don't quit after one rejection. It is like job hunting. There is competition out there and some banks are eager to secure new business/customers and are in better positions than others to make loans. However, if you don't have any collateral or equity, it will be tough to secure a loan.

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Old 09-17-2009, 03:06 PM
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winger winger is offline

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Sorry you didn't get your loan. I'd go for a combo of what Fred said and what Joe said. Don't give up on all banks (assuming you have choices) and do what you can to get things moving on the photography side to be able to show them.
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Old 09-17-2009, 10:14 PM
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pathography pathography is offline
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Thanks everyone. I am not giving up. I have been sweating in kitchen for 15 years. And have had enough. I'll keep up dating my movements.

Fred, I don't know if the news has made it over there, but the Royal Bank of Canada is trying to buy in to the the Irish bank stocks. The news was well received, but that doesn't mean that it will go though or at least then general public will hear about or feel the result.
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Old 09-20-2009, 04:04 AM
TechTock TechTock is offline
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Look for a reputable private investor.
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Old 09-20-2009, 04:12 AM
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atulli atulli is offline

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Default banks

Talk to other small business owners in the community and find out who they use (recently new companys would be best) and I don't know if you have some thing like the chamber of commerce we have here. It is a good network for small business.
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