kayode10
VIP Contributor
Setting up a business in Nigeria interim is very difficult because you will not have access to funds for your business idea.
People are often advised to start raising cash from their immediate families and friends.
This is a good idea but economic situation of the country makes everyone to hold tight to their fund. please make it difficult for a hoodie enterpreneur to turn to the family and friends for business.
Another option is to raise business capital from the financial institution like bank. It is very difficult to see a financial institution that will lend money out to a new entrepreneur in the block.
Majority of them believe that the buddyenterpreneur do not have enough experience on how to handle business capital. They will even ask you to bring collateral away far more for the loan you want to obtain.
Beside that, you must be ready to bribe your way to the top and give a certain percentage of the loan back to those who will help you to secure it. The majority of them usually request for 20% of the loan.
Another thing is that the interest rate that comes with the loan is out of this world. Most bank usually request for about 25% interest rate per annum.
can you please suggest another way someone can get fund for their business idea.
People are often advised to start raising cash from their immediate families and friends.
This is a good idea but economic situation of the country makes everyone to hold tight to their fund. please make it difficult for a hoodie enterpreneur to turn to the family and friends for business.
Another option is to raise business capital from the financial institution like bank. It is very difficult to see a financial institution that will lend money out to a new entrepreneur in the block.
Majority of them believe that the buddyenterpreneur do not have enough experience on how to handle business capital. They will even ask you to bring collateral away far more for the loan you want to obtain.
Beside that, you must be ready to bribe your way to the top and give a certain percentage of the loan back to those who will help you to secure it. The majority of them usually request for 20% of the loan.
Another thing is that the interest rate that comes with the loan is out of this world. Most bank usually request for about 25% interest rate per annum.
can you please suggest another way someone can get fund for their business idea.