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Is this the only way to start a business with a loan ?
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[QUOTE="Kendy, post: 214747, member: 63869"] Taking loans to start a business is something that so many people have ventured into because of no other available alternative but majority of those businesses do not always turn out well because of mismanagement. There are many ways in which one can set up a business without taking loans although the fastest measure is always applying for loans through online apps or traditional methods. The ways are; empowerments, grants, savings and through crowd funding. Taking of loans could be so pressurizing as a business owner is striving to balance the equilibrium between repaying the loans and also making profits. During the covid-19 pandemic, those who took a loan before the advent of that unforseen circumstances were depressed and in a dilemma of how to recover losses, this is because even though there was a pandemic which affected everyone, the banks or financial institutions will not consider this as an excuse because that is also a business avenue to them, rather the interest rate will keep on increasing if you fail to repay as at when due and you would risk your collateral. Ultimately, obtaining loans is not advisable for start-up businesses but could be more feasible to expand existing businesses. [/QUOTE]
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Is this the only way to start a business with a loan ?
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