Personally I have refused to take a loan to start a business be it small or large scale because it's very risk. alot of people were left with burden to finance the loan they have taken after the business could not worked out well.
Small business loan?
- Thread starter Lämmchen
- Start date
A very good plan is key here. It also helps if you have some experience in the business. Most people find it difficult to lay back loans because they borrow to start a business they have no idea of.
It's better to use personal funds for such ventures or borrow from close family and friends.
I also share the same opinion with this. Instead of collecting loan to start a business, invest with the little money you have first and continue to improve the business.
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Exactly, one can start with the little money he or she have the up the business before can know the business start improving, that's why I don't like ideas of taking a loan to start up a business.
If the said loan will not be diverted to another thing then
I prefer to take small loan from bank than from other loan companies. If you can have any property that can be use as collateral, getting loan from bank is not a bad idea.
I prefer to take small loan from bank than from other loan companies. If you can have any property that can be use as collateral, getting loan from bank is not a bad idea.
if you're not comfortable with taking a loan in order to venture into a business then it is good. Using your own personal savings to venture into a business is very advisable because the risks are small.
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Paying business loans could be a tough thing and getting a business grant is not that easy. Usually, grants are offered by social welfare organisations only. It is offered to specific people.
I don't think starting up a business with loans is a good idea, if you are looking for a way to start up a business I'll advise you to start with the little amount of money you have than to take loans.
Actually alot of people used to borrow money in other to start a business. some has really been favourable to them while some, it's a diaster because they were left with the burden to pay back the money collected.
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In my own opinion Starting up a business with loans is not a good idea, I'll advise you to start it with the amount of money you have than to take loans from banks.
The truth is that I am not a big fan of taking business loan from any financial situation especially if it's to startup a business.
But if a bank should grant you a loan request, then they would be needing such information and many more.
But if a bank should grant you a loan request, then they would be needing such information and many more.
Yeah, sometimes the conditions needed to get such loans may be very tough and not everyone will be able to afford it. They will need a very good collateral in case anything goes wrong.
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I also don't like the idea if taking loans to start up a business, if you are good at starting up a business with loans you'll not enjoy your journey on earning money.
That's just the whole truth there. I think people should be more focused on how to make the money themselves so they wouldn't have to seek dangerous help from financial institutions.
Whether you try to apply for a loan from a bank or from some other kind of institute, you must meet the conditions and only then the loan shall be granted to you.
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Well I could actually remember when i wanted to fund a project for my business,and i approached a bank i have deposite with,i was thinking they would use my cash flow to verify my status,but they demanded for sort of salary guaranteed account.
That's just the truth, if you want to be free from financial problems you are expected to have a good skills set,if you have a good skills set you can earn a considerable amount of money with it.
Actually taking a small business loan to start up your own small business is not bad once you have a very good business plan. You will be able to pay back such amount of money without having difficulties.
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That's true, but you have to be very careful with taking loans, if you don't have good experience on the business you are venturing into I don't think it will be a good idea to take a loan, but you can decide to take loans from family members.
most of the multimillion-dollar businesses you see actually started with loans. What really matters is your level of knowledge about the kind of business you want to venture into.
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