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Business Ideas Forum
Funding a business
Do you think of taking loan to start up any business of your choice
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[QUOTE="Kendy, post: 215019, member: 63869"] Actually, recalling back as at 2019, I had applied for a loan in a traditional bank and although the procedure I went through was rigorous, it was finally approved and that was when the covid-19 pandemic hit so hard and I was in a state of dilemma, this was because I had already set up my livestock Farm Business and I was also running on fruit business of perishable simultaneously. I was unable to strike a balance as I did not have any backup plan on how to repay the loan and between getting customers to purchase my product and also striking a balance between repairing the loans because in as much as the was a total lockdown pandemic, it has nothing to do with the loan company or the bank because you will still have to repay the loan as at when due. This all went out to teach me that loans is not the feasible way of setting up a business because there are circumstances in which one has no control over. I ran into several losses in my livestock Farm because people were much more skeptical about eating any livestock as at that time and also taking of roadside perishables. [/QUOTE]
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Funding a business
Do you think of taking loan to start up any business of your choice
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