raaman
Valued Contributor
When you intend to avail a loan for the business, the terms of the loan, including the interest rate payable for the loan, repayment period allowed, and any additional requirements demanded, should be thoroughly considered. It is because high-interest rates or short repayment periods can put significant strain on a new business. Starting a business with a loan can be risky.
It is essential to assess the personal financial circumstances and make sure that loan repayments can be made even if the business struggles in the beginning. You should also explore alternative funding sources, such as personal savings, investments from friends and family, crowd funding, or small business grants. These options may be better to taking on debt, especially in the early stages.
It is essential to assess the personal financial circumstances and make sure that loan repayments can be made even if the business struggles in the beginning. You should also explore alternative funding sources, such as personal savings, investments from friends and family, crowd funding, or small business grants. These options may be better to taking on debt, especially in the early stages.