Where to borrow money to Start a Business

teri84

New member
As a starting entrepreneur we need money to start a business but if you have no savings and you want to be independent to prove yourself that you can make it without the help of your family what can you suggest to the new businessman/woman for today?What kind of loan do they need to apply that has low interest?
 

Corzhens

Member
As a word of advice, never borrow money when starting a business. It happened to me before and although the borrowed money was not the reason for the closure of my business but it's still part of the downfall. Try to secure capital that is free from loans and interests so you can have the right foot forward. Take note that a borrowed money requires interest payment which means you are already losing money on that part. It is better to sell assets for capital instead of borrowing money. Good luck to your venture.
 
According to me taking a small business loan is the best option for starting a business but the thing is to have a clear idea about your business. So that money you invested by taking the loan will not get wasted. Search for the bank that gives low interest rate and submit the documents regarding the business. Then you can avail a small business loan.
 

TOZZIBLINKZ

VIP Contributor
Most people go to bank to borrow money the start of their business, why some people prefer going from their friends or family members, you are going to the bank to borrow money or get a loan to start up a business you must go to a bank with a loan rate interest, so that you'll be able to meet up and repay the loan.
 

Alexandoy

VIP Contributor
Pardon me for this comment because I always go ballistic when I hear a person saying he will borrow money for the capital of his new business. The better approach is to sell your assets instead of borrowing money. If you are too sure of your business then you can even sell your house to have ample capital that you think can make you a rich business man.
 

Mataracy

VIP Contributor
As a starting entrepreneur we need money to start a business but if you have no savings and you want to be independent to prove yourself that you can make it without the help of your family what can you suggest to the new businessman/woman for today?What kind of loan do they need to apply that has low interest?
Where to borrow money to start a business depend on the borrower and the opportunity one has to borrow from a certain place.
Some time before you borrow money from any where first look at the interest and make sure that the interest is not too much so that the business you use it for will be able to grow.
You can borrow from friend,bank or cooperatives if you have the opportunity to that.
 

Mellorando

Banned
In Nigeria borrowing money is risky because you might end up not repaying back some people go to the bank to borrow money when they are in need of money but sometimes this end up bad some people also borrow from their relative or from their close associate whatever the case may be you have to plan on how to pay back before borrowing
 
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