Do you give out loan to people who are starting a business?

[Kayzzy3]

Sometimes we meet people who seek financial help from us as they are about to start a business, most times they request for loans. Do you give out to them, especially now that they are just starting and you don't know how profitable the business would be?

I absolutely do, I see it first as a way of helping an aspiring business person kick off their dreams, and also an answer to someone's prayer.
The thing about this kind of loan is that you give and leave it open ended because it will either be repaid or not and you have to brace up for whatever that outcome will be, so it is more or less a selfless service to humanity, how I see it.

 

[Nomad]

But can you give a friend or family in need of a loan one? I would like to see input of varieties of people in this one so I can know because I may give out a loan if the business looks feasible to me.

Lending money to someone you know, for example, friends and family, might sour your relationship especially when the loan or interest is not paid in time.

 

[Eodine]

Lending money to someone you know, for example, friends and family, might sour your relationship especially when the loan or interest is not paid in time.

Did you mean spoil? You are absolutely correct, no wonder the holy book says money is the root of all evil, money can make a close relative become enemies so its better to just avoid such problems.

 

[Nicklas22]

You can give out loan to people who are starting a new business if they have something to drop as collateral because you don't know if their business will survive

 

[Dubai]

I have never given out loan and would not advise one to give out loan to people that are just starting a business without proof of succeeding in it.

 

[GIFTMICHAEL]

If I have the necessary funds to assist one i know to well on a business career I'll gently lend him or her money without asking for the repayment interest.

 

[Bookwormlux]

I absolutely do, I see it first as a way of helping an aspiring business person kick off their dreams, and also an answer to someone's prayer.
The thing about this kind of loan is that you give and leave it open ended because it will either be repaid or not and you have to brace up for whatever that outcome will be, so it is more or less a selfless service to humanity, how I see it.

It's the best way to consider it. When you are expecting the person to repay you, you could frustrate them, since they are not making good money already.

 

[Kayzzy3]

It's the best way to consider it. When you are expecting the person to repay you, you could frustrate them, since they are not making good money already.

You'd find that most people dont like paying back their debts even if the lender did it out of goodwill, some even feel entitled and may want to claim that what was given to them is meager as compared to the capability of the lender.

The simple formulae then is, only give what you can forfeit peradventure the borrower can not pay back.

 

[Justin]

I have not given loan because I am not in that position yet, but I have helped people to start a business. I helped my friends with some money to start facebook business

 

[Nomad]

When I started my first business, I burrowed money from friends and family. friends and family can come as boon to your business if you have been unable to secure funds

 

[Senator]

I am not personally into the service of offering loan to individuals who want to start a business. They can get the loans from financial houses if that's what they want

 

[Kingsley]

To me I don't think it is wise to give out loans to start up unless you wouldn't really mind losing the money. This is due to the fact that most start up lack the required technical know-how to manage their business successful. This will definitely affect the growth of the business.

 

[Shigobad2020]

You know in life,some people are always in need of financial support so when you're in a position to open an investment for them do ensure to that.

Its good to lend a helping hand to people who are in need around you , but starting a business with a loan is a different ball game entirely , if one is not careful in checking the business to be started very well . Anything might happen

 

[Mostee501]

Its good to lend a helping hand to people who are in need around you , but starting a business with a loan is a different ball game entirely , if one is not careful in checking the business to be started very well . Anything might happen

Thats right loan is a different ball game and one needs to be very careful while handling that. That's why a good business plan is required before starting any business.

 

[Ralphjoe]

Well I don't have money to be able to give out loan to people yet but if I have the opportunity way back I have enough cash to give out I will definitely loan people money for them to start up business because I know that when they succeed with the business they will pay me back my money.

 

[AlexandruCrudu]

Yes, but only to friends, people who I know or smart people with a good bussiness idea that have also a good loan history

 

[Good-Person]

Most of the people would give loans because they believe that they would earn interest. I am strictly against loans and earning interests, so I might not give loan to anyone. moreover, what if the person loses all his money how will he pay me back if he does not mortgage something to me? These are some complications associated with loans.

 

[Fizzy_boi]

Actually am still young and don't have much still studying .To be frank if I ever find myself in a position where I get to borrow people or give out loan definately I will give it out to people especially business starters.

 

[Bookwormlux]

Actually am still young and don't have much still studying .To be frank if I ever find myself in a position where I get to borrow people or give out loan definately I will give it out to people especially business starters.

It's not just about giving out, except you don't expect them to pay back. If not, you must consider some factors before giving out money to just anybody.

 

[Trexxxy]

If I want to give out a loan to someone just starting a business. I think the person will have to do a good job of convincing me and showing me business plans and projections.