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How Advisable Is It To Loan Money To Start Up A Business? Pls Advice! - Business - Nairaland

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How Advisable Is It To Loan Money To Start Up A Business? Pls Advice! by ubong560(m): 9:07pm On Jan 31, 2013
I must say am not really happy being an employee cos i've an undying zeal for a particular section of biz wch coms as a talent in d entertainment world and my desire is to see them coming to reality.

I've some prospective business minded men in wch i've in mind to approach for loan to start dis biz and by God's willing, at least one will definitely yield to my request. But how reliable is it loaning money for business? I never did it b4 so am kind of being scared. Biz Mentors in d house, pls advice! Your individual pieces of advice will really be appreciated immensely. Thanks.

NOTE: The biz is planned to be a booming one cos evry home makes use of it.
Re: How Advisable Is It To Loan Money To Start Up A Business? Pls Advice! by citypulseng(m): 11:17pm On Feb 02, 2013
You have nothing to be afraid of. The world of enterpreneurs is a risky one. However, I must warn you. Before going for such loan, be convinced you can return the money as at when due in order to save face. For instance, I got a soft loan of N150,000 from a close friend to print my book. As the appointed day for repayment loomed, I realised I have only half of the money ready. So I ran to cousins and a brother to gather the balance to pay back & sustain that friendship. So you have to think it over especially where collaterals are not demanded.

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