For the best part of a year me (College) and four of my good friends have been hosting what started as parties, to full on mini-music festivals. We run these very professionally but up to now only on our own backs... We all work (Being young we all are on low-wage jobs) and pay for equipment hire/purchases, permits and whatever else we need to make it run...
We don't charge people to come, as we like to keep the feeling of it just being another College Party with out guests - the last one we ran almost 1000 people attended.
We want to up our game.
We are looking to turn this into a bigger, annual, for-profit event. A music festival. Self-funding isn't an option, I have spent a significant amount of my savings on becoming a licenced pilot, and my partners are in similar situations.
What are our options when looking for loans/financing? Is it best to go to a bank or to seek private investors/sponsors?
Kickstarter/Indiegogo was an option that was brought up, but the niche is too small.... (Relatively Local people who are in the age range and interested)
We would be looking to raise around £30-£40,000 for staging, acts (some already have shown interest) and other overheads.
All advise is appreciated.
Thanks.
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