Hello,

I will be talking about different ways of getting loan without the use of any collateral for the next few days or weeks.
I hope you will find one or two things to learn from this topic and your generous contributions are as well welcome.
So, let's get started.

Raising start up capital to finance a business is not easy and that is why the question “How do I raise capital to finance my idea?” is mostly asked by people from all walks of life. Go to any gathering of entrepreneurs, their discussion will centre mainly on how to raise fund for their businesses.

There are many problems confronting entrepreneurs, but the major one is how to raise capital. If you have a good and tested idea, the only thing that can stop you is how to finance such idea. There is no doubt; it is sometimes hard to come by money to launch a new business. In fact, one great hurdle you will have to cross if you are to be in business is raising start-up capital.

Nearly everyone in business today has one story or the other to tell about how difficult it was for him or her to get capital to fund his/her enterprise. Nevertheless, one way or the other, some people get over the hurdle. Several doors might have been knocked, but the fact is that there are tested and easy to follow steps on what to do to access start-up capital to finance fresh idea or expand an existing business.

Let me pull up here and I will continue next time when I will talking about "Why many people find it difficult to raise money".

WHY PEOPLE FIND IT DIFFICULT TO RAISE MONEY

* Inadequate preparation: many of us find it difficult to raise money to kick start our business we do not plan ahead. A journey of a thousand miles they say begins with a step taken forward. It is easier to accomplish the things you want when you have a well thought out, and exceeding action plan. Be prudent in your spending and start saving a fractional part of your income now. Be involved in various saving options available. You need not be a victim of the adage that says ‘a starter expends his first earning on bread’. You need to be a prudent spender knowing well that the partying may not last forever.

* Infeasible and un-tested idea: having an idea is not enough; testing the idea’s viability to know if it will work is the most important thing. Many have lost large sums of money by putting their life savings on business ideas that careful evaluation would have shown had no prospect. Testing the idea to find out their workability and profitability is necessary so that you don’t pour your hard-earned money into a project or business you regrettably discover that the idea is a lame duck. You must obtain the right information before you venture into any business.

No wise leader will like to throw his money into lagoon Investing in a business that will not yield returns for the investors and the leaders is like throwing money into the lagoon.

* Inability to convince would-be-lenders another pivot reason why many people find it difficult to convince would-be-lenders of their project of its viability. Even if you are surrounded by wealthy men with financial muscle, none of them would like to commit a dime into your idea if it is not convincing enough. To convince your would-be-lenders of your idea’s viability, you need to know what they want to see and hear. This will be discussed later in the course of this article.

See you soon.

THE PLACE OF PERSONAL SAVING IN RAISING CAPITAL

Savings is a vital aspect of a man’s life. With personal savings, one is spared the embarrassment of people asking how much one has for a particular trade or business. Personal saving is like a bird in the hand that worth thousands in the bush. There are many reasons why you need to inculcate the habit of saving. It is necessary to place aside part of your income to cater for unforeseen contingencies because life is uncertain. Also, you need to save for investment purpose.

No matter what your income or your needs, you can do much to realise your goals now and in the future if you get used to putting some of your income away. Even a modest amount saved today can make a big difference in the future when you need it.

How much you should save will depend on your circumstance including your age, assets, income, current expenses and goals. The best time to cultivate the savings habit is during childhood. Olden days parent used to teach this knowledge by making sure that their children kept of whatever they had wooden safes enclosed with just a little opening such that if you have to take anything from it you will have to take the trouble to break it, which naturally discourages you.

The child who has been used to that habit naturally grows with it and makes saving apart of him, no matter the amount that accrues to him. This does not however mean that an adult cannot shape up his financial life by the habit of savings. Another way is by being involved in daily contribution and the revolving loan scheme which shall be discussed in subsequent post.

Your various contribution and views are welcome, please.

AB Microfinance Bank Nigeria
The bank is based in Lagos. It gives loans from N15,000 - N1.5m without collateral.
ADDRESS:
11, Oba Akran Avenue,
Ikeja, Lagos, Nigeria.

My new book titled: 'LOAN WITHOUT COLLATERAL' will show you 20 reliable places you can get money to finance your business without collateral. Just give me a call now: +2348030989490.