So have a business idea for a while, nothing innovative but I can see it definitely working.
Now I don't have much savings or assets, is it possible to get a business loan?
It would be a rented property for the premises providing a service.
The answer may be obvious but I have no knowledge on this topic.
Lenders won't usually finance an idea alone…
Develop a Business Plan, indicate how much money of yours you are putting on the line, how much you need and for what (and how long).
Secured/Unsecured?
Well, the idea would incorporate a business plan, my question is that enough for them to consider it?
Sure thing, but a business plan doesn’t mean much. I have 3 if you want them.
One of them is for a solar powered ice maker for Inuit women, for cheap cold drinks ….
If you understand what I am saying.
Yes
Business Loan without Much Savings
Secured or unsecured? That is, if you don't repay the loan, how will the lender get their money back?
Try to put yourself in the lender's shoes and see if you can answer your own question.
If you're on newstart look into new enterprise incentive scheme.
If a complete stranger came to you with a "great" idea but hasn't put anything of their own on the line, would you lend them money?
The big 6 banks will not give you a loan for an idea.
Try crowd funding or a fintech
"It would be a rented property for the premises providing a service"
Is it to start a grow house? Or maybe a house of ill-repute?
Find investors
No