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3 Places You Can Get Urgent Business Loan - Business - Nairaland

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3 Places You Can Get Urgent Business Loan by victoriajoshua: 7:51am On Aug 05, 2014
Below are 3 sources that any entrepreneur in Nigeria can look for fund to finance their start-ups business.

1. Personal savings: Basically the first place to search for funding for you business is your savings account. How much have you saved that can be capitalized on your business? What about your life insurance policy? What is it cash value? What personal belonging can you sell to raise capital. As I have told you earlier, I have to sell my expensive television to raise my initial capital to start my restaurant business.

2. Friends and relatives: your parents, brother sisters, distance relatives, old school mates, your social club and church members: anybody who is close to you can support you. But be careful, detail out the conditions to the assistance they are offering you in writing to avoid future argument. Friends and relatives may think that because they contributes part of the capital for your business, they are entitle to have a say on how the business should be run. Let them know if it is so or not, don’t leave them in any doubt about their status as far as the business is concern. When are they likely getting their money back? Is it with interest? If they are to play any role in the business, would they be paid for it? If yes, how much? Putting these things in writing will eliminate any wrong notions that the people giving you assistance may be habouring. You don’t want your relationship to go sour because of money. So guard against it.

3. Supplier and customers: is not uncommon for business startup to be partially funded by customers and suppliers. This is very possible when the suppliers have a strong confidence in the business owner. Perhaps they have done some business transaction with you some few days ago and you kept to your word and keep coming back to buy from them, even if it is little by little, the suppliers will just like to keep such a business owner to give him more goods without collecting money. Prospective customers can just pay for his or her goods upfront, depending on their level of confident and trust in the ability of you business to deliver it promise on timely manner for goods and services they will letter receive.

continue from next edition

victoria@sosorichfoods.com
Re: 3 Places You Can Get Urgent Business Loan by Nobody: 9:21am On Aug 05, 2014
These are no brainer tips but good job anyway
Re: 3 Places You Can Get Urgent Business Loan by victoriajoshua: 12:09pm On Aug 06, 2014
COntinue form previous edition

4. Banks: There are different types of bank, but all they have a common objective is, take money from depositors, trade with the money and make a lot of profit that will ensure that the depositor earns interest on their savings and while the banks also have something to show for their effort. A bank loyalty is to it’s depositors, that is why they don’t joke with their loyal customers. The bank is always a best bet for loan. For small business that operate within figure of N1,000 to N20,000,000, Micro finance bank and small business corporatives should be their best place to secure loan. Although most of the micro finance banks and small business corporatives will require a member or clients to operate with them for a period of 3 months before applying for business loan. This method is always used to ascertain your strength in handling money.

Basically there are two types of loan you can apply from these institution, namely short term loan and long term loan. The short term loan are for a period 1 to 6 months, while the long term loans spread more than a year. When buying machinery, long term loan is appropriate, while your working capital needs should be met with your short term loan. Just keep in mind that unless you are good in handling other people’s money, you are better off asking professional to advice you on this aspect of business.

5. Factory Services: in simple terms, factoring means buying trade debt from a company and making funds available immediately selling the debt. This source of funding is available to established company who have invoiced other companies for the goods and services bought for them. For example, if your company sells it goods to another company and would not get paid for another 30 days and you need money urgently to produce more goods, With this manual in your hand, you will discover several method of getting the require money you need for your business and chose which method work best for you, and stick to it.

Things will start to become easier and easier, but you need to be focused and work strategically so that your loan application gets the approval without much fuss and hassle.
Getting started is not that easy but if the you prospective entrepreneur is mentally prepared this preparedness would help the aspirant business person through the peaks and valleys as he embarks on an incredible journey of business ownership.

Preparation is the key to the hurdles of life and starting, owning and managing a business is no different. Entrepreneurs must be ever ready to counter the slowness of business and also be mentally equipped to expand it when in great times.

Since you have decided to seek business loans, you should be aware of the commercial lending procedure. Just keep in mind that the lenders are not going to give you money simply by knowing that you are in need or you are in business.


Continue from next edition.

Victoria Joshua

Victoria@sosorichfoods.com
08120210021
Re: 3 Places You Can Get Urgent Business Loan by victoriajoshua: 12:01am On Aug 07, 2014
The four easy step ladder to using other peoples money.

In every position one attain in life, there is always a way to get there, and there is always a price to pay. But you must be guided by those who have already gone through that path, if you must avoid trial and error.

Bellow is the steps you need to take to using other people’s money:
Determination: Think about what you want to do with the money
Dedication: Dedicate time to work on it
Discipline: Run from friends and things that discourage you
Sacrifice: Pay the required price

Congratulations! You have decided to start your own business and be your own boss. Sounds really great, but have you thought from where are the finances coming from? Do you have enough funding to start, run and maintain everything properly?

continue from next edition

victoria@sosorichfoods.com
08120210021
Re: 3 Places You Can Get Urgent Business Loan by Royalejr(m): 5:11am On Aug 07, 2014
Hello Victoria, good article, useful info.. we would like you to also post your views and ideas on entrepreneurshipcircle.com
victoriajoshua: Below are 3 sources that any entrepreneur in Nigeria can look for fund to finance their start-ups business.

1. Personal savings: Basically the first place to search for funding for you business is your savings account. How much have you saved that can be capitalized on your business? What about your life insurance policy? What is it cash value? What personal belonging can you sell to raise capital. As I have told you earlier, I have to sell my expensive television to raise my initial capital to start my restaurant business.

2. Friends and relatives: your parents, brother sisters, distance relatives, old school mates, your social club and church members: anybody who is close to you can support you. But be careful, detail out the conditions to the assistance they are offering you in writing to avoid future argument. Friends and relatives may think that because they contributes part of the capital for your business, they are entitle to have a say on how the business should be run. Let them know if it is so or not, don’t leave them in any doubt about their status as far as the business is concern. When are they likely getting their money back? Is it with interest? If they are to play any role in the business, would they be paid for it? If yes, how much? Putting these things in writing will eliminate any wrong notions that the people giving you assistance may be habouring. You don’t want your relationship to go sour because of money. So guard against it.

3. Supplier and customers: is not uncommon for business startup to be partially funded by customers and suppliers. This is very possible when the suppliers have a strong confidence in the business owner. Perhaps they have done some business transaction with you some few days ago and you kept to your word and keep coming back to buy from them, even if it is little by little, the suppliers will just like to keep such a business owner to give him more goods without collecting money. Prospective customers can just pay for his or her goods upfront, depending on their level of confident and trust in the ability of you business to deliver it promise on timely manner for goods and services they will letter receive.

continue from next edition

victoria@sosorichfoods.com
Re: 3 Places You Can Get Urgent Business Loan by victoriajoshua: 10:31am On Aug 07, 2014
Royalejr: Hello Victoria, good article, useful info.. we would like you to also post your views and ideas on entrepreneurshipcircle.com

I just visited the site, it's a good place to also write articles.

Thanks

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