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Should I borrow a Loan From a Bank to Start My Business
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[QUOTE="kayode10, post: 214788, member: 26899"] It is not easy to secure a loan from the financial institution especially Banks if you are just starting out as an entrepreneur. The majority of the financial institution over here usually request for higher collateral before you can secure a loan from them. Also you must be ready to bribe top officials before you can secure a loan. Beside that you are going to allocate a portion of the loan usually 15% for them. You will have to pay at least 25% interest rate per annum on the loan you obtained from the bank. This is the reason why I always advise people to look for other ways of raising capital for their business idea. You can simply look for a partner that we found your business idea and you are going to make agreement on how you are going to share profit. Another way is to raise capital from here immediate family members and friends. You can teach your business idea to them and ask them for fund. Make sure you promise them a return on their investment so as to motivate them and you must keep your promise if you eventually get the money from them. You can also raise capital from Angel investors. [/QUOTE]
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Should I borrow a Loan From a Bank to Start My Business
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