Although right now at the moment I do not have any business on my mind to start, talk less of getting a loan to start business all I want to focus more is to understand and study how business up and downs are.
Did anyone give you a cash loan to start your business or career?
- Thread starter Grant
- Start date
If I want to venture into a business I will not even accept a loan, except I want to expand the business. If I want to venture into a business I will first of all invest my own money and when the business booms then I can take a loan in order to expand and make more money. I will always like to have experience of any kind of business I want to venture into.
At the moment not one and no body has given any cash to start a business yet although I am not really disturb till I become settle to myself first before I will be thinking of business.
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I will always try to respect my decision, I wont like to get a loan to start up a new business . I will always have to wait and raise the needed money personally and start-up any profitable business or my choice. I have never collected a loan before for business purposes.
Currently am not into any form of offline business yet though I am still earning some little amount of money online but I believe alot of people engaged into business with either loan from private individuals or from the bank and pay as soon as they can.
I started the business with my own savings but when I realises the money was not enough, I got help from someone who borrowed me some amount of money without any interest.
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There are some people I know that we're given such help to start up a new business but ended up using the money to flirt and end up spending every thing with out putting down a business.
If I was really interested to start my favourite business with a loan I would have gotten it from the bank and other loan giving organisation. But I wouldn't needs loan for anything. Not even to borrow from friends.
For now I do not want to start any offline business because I am still schooling and I will not have to do the business even if I am giving cash to start the business except it will be an online business
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For me I got money for myself to start up business I didn't collect any money from anywhere, because before started my offline business I saved alot of money before going into the business.
On my own personal business,when i first started the outfit i started it with my own funds,but along the line i have to get some funds from friends who helped me to fund some of my projects that i could not afford at some point in the business.
If I want to start a business venture I wouldn't like to take a loan from anybody or a bank. Instead I will try as much as possible to use my personal savings to venture into a business the matter how small it is.
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When it comes to getting financial aids for any business that I'm doing, it's dependent on two things now for me.
Number one would be the nature of the business that I'm into and the possibility of that business paying back what I took loan and invested in it.
Secondly, the source that I'm getting the loan from. I'm never getting a loan from banks because their interests to pay back is always too high. It's either going to be from my family's fund or a friend to give me loan for me to pay back at any specific period of time.
I know it will be a lot easier for you to get the loan from family and friends. It's would prevent unnecessary harassment when you are unable to pay back. But instead of getting direct loan why don't you think of going into a partnership business with them ?
Going into a partnership is something good but from my experience with some people, they don't really want to be involved in businesses because of having to face the risk of losing money if the business doesn't go well and you can't take that away from happening in businesses. So, they rather give you loans to get interest in return where they don't have to lose a penny.
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So many people has helped me then when I was learning my skill. They were just helping me both directly and indirectly but no one has given me a huge sum of money to start it up. I raise my own money base on the skill I have been able to learn.
Ok I now understand. If this would work. If you think that getting a loan might help if is from family members, well I don't see it that way. The only advantage is that it will help less you the stress of dealing with official organisation. In most cases this will not stop business failure.
I believe such financial assistance gave you a big boost in your business. It is important to have friends that are dependable and they can provide help when you really need it.
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That period was very challanging in that i needed some money to invest in a prospect that i wanted to conclude within a time frame,and i was very luky to get these financing from them,it reall go a long way to boost my business.
I understand your point. Those are the kind of friends you should keep close. Such vital financial assistance are mostly interest free as compared to the ones from banks who will always charge high rates of interest.
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