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Funding a business
Did you start with loan or through savings?
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[QUOTE="Kendy, post: 214719, member: 63869"] The first business I started was towards the wave of the prevalent covid-19 pandemic and unfortunately, I opted for a loan in a traditional bank although the interest rate was minimal or commensurate with the loan. The hit of the covid-19 pandemic made it very difficult and depressing for me to run my business adequately, this is because I operated two small scale businesses simultaneously, the first was a poultry farm and the second was a fruit business but due to the restrictions of total lockdown so as to curb the spread of the virus, my perishables were all spoilt because of no patronage and also people were more skeptical and also more cautious of anything they take into their system. My poultry farm literally collapsed because even where to buy chicken feeds was a problem and the price has gone up to a triple level because at the time, there was no exportation and importation and this made it difficult for chicken feed sellers to get the products which inturn affected my business. People did not really have interest in eating chickens because of the feat of the virus and they were being careful because the chickens could be infected or have a flu. This taught me not to collect loans for businesses unless I have a backup plan! [/QUOTE]
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Funding a business
Did you start with loan or through savings?
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