Hello everyone. .....,I got a friend that is currently undergoing entrepreneurial classes to enable him assess bank of Industry loan at a lower interest rate of 5% per annum from their normal 9% per annum without undergoing these classes...,,
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For the records, BOI don't give liquid cash for thier loans, you will present a business plan which must be a production business plan, get an invoice frm a dealer for machines or equipments to be used for the business and they (BOI) will pay directly to d dealers acct after undergoing thier own survey and analysis.
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Now the question is what lucrative business will he venture into that will be viable and give him the much need returns to be repayin his loan monthly without any hitches. ......Although I suggested a pure water biz for him even though I have no idea how d business is rubbed.
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Note. ..,,,it must be a production business I.e you must be producing somtin or a product...........Also d loan repayment starts after 6 six months of operation..........Additionally, He intend collecting a loan of 3million naira....l
.
Thnks

Gwan2:
Hello everyone. .....,I got a friend that is currently undergoing entrepreneurial classes to enable him assess bank of Industry loan at a lower interest rate of 5% per annum from their normal 9% per annum without undergoing these classes...,,
.
For the records, BOI don't give liquid cash for thier loans, you will present a business plan which must be a production business plan, get an invoice frm a dealer for machines or equipments to be used for the business and they (BOI) will pay directly to d dealers acct after undergoing thier own survey and analysis.
.
Now the question is what lucrative business will he venture into that will be viable and give him the much need returns to be repayin his loan monthly without any hitches. ......Although I suggested a pure water biz for him even though I have no idea how d business is rubbed.
.
Note. ..,,,it must be a production business I.e you must be producing somtin or a product...........Also d loan repayment starts after 6 six months of operation..........Additionally, He intend collecting a loan of 3million naira....l
.
Thnks

Your friend want to take a loan without knowing what to use it for? I thought the proper way used to be having a plan first and then look for a way to finanace it?.
I hope your friend will not make a mistake by rushing into a business he does not understand and saddle himself with a huge debt..
All the same, what about farming?
You can provide your friend's location let's take a look at what can be produced there.

Not everyone can b an entrepreneur, the journey is full of challenges and trials. So except u are cut out for it, dnt venture into it.
No bank will give u a 3m loan for a new venture (start up) especially where u dnt have prior experience in.
U already know d amount u want as loan b4 u know wat business to do.... Chai.. Dts so wrong

My advice: work on d business idea first, do ur business plan comprehensively (do d plan ursef), n start small