Thazard:
please is it possible to borrow 5m from a bank without collateral for an agricultural startup (cassava farming) to be repaid in 6 years?

Do you have an average turnover of N20 million and above in a year, if yes you can get an overdraft facility of N5 million that can be rolled over every 3 months to 6 months ..

Nobody will give you an unsecured loan for a duration of 6 years

emmanuelewumi:



Do you have an average turnover of N20 million and above in a year, if yes you can get an overdraft facility of N5 million that can be rolled over every 3 months to 6 months ..

Nobody will give you an unsecured loan for a duration of 6 years

Please what is the longest time frame for repaying an unsecured loan?

Thazard:
Please what is the longest time frame for repaying an unsecured loan?

Overdraft is about 3 months, infact most overdraft facilities now require some forms of collateral

I will advise you to sell your car, land, phone, shares, wife jewelries if you believe so much in the agric business, that was how the likes of Jim Ovia, Fola Adeola, Erastus Akingbola and their friends did in order to raise N20 million which they used to get banking license in 1989

emmanuelewumi:



Overdraft is about 3 months, infact most overdraft facilities now require some forms of collateral

I will advise you to sell your car, land, phone, shares, wife jewelries if you believe so much in the agric business, that was how the likes of Jim Ovia, Fola Adeola, Erastus Akingbola and their friends did in order to raise N20 million which they used to get banking license in 1989

I thought you wanted him to sell his wife Lol

Agbalowomeri:


I thought you wanted him to sell his wife Lol

She can allow it for the common good na

Thazard:
please is it possible to borrow 5m from a bank without collateral for an agricultural startup (cassava farming) to be repaid in 6 years?

5M, No collateral, Startup (no experience), 6-year repayment period.

You have some boldness sir.
Goodluck.

otomatic:


5M, No collateral, Startup (no experience), 6-year repayment period.

You have some boldness sir.
Goodluck.

He should try micro finance bank, they might give him 100k.


The problem with entrepreneurs with no track record, no turnover, no collateral, is that they want collateral free loans and yet want to own 100% of the business.


It can't work .



What if he japa with the bank's N5 million

otomatic:


5M, No collateral, Startup (no experience), 6-year repayment period.

You have some boldness sir.
Goodluck.

The money is for japa

FoolishBoy419:


Thanks a lot for this info. I was considering buying some stocks but I will save the money for now instead.

Even the cash is not save too.
By this time next month, Jagaban will be making us proud.

emmanuelewumi:



Overdraft is about 3 months, infact most overdraft facilities now require some forms of collateral

I will advise you to sell your car, land, phone, shares, wife jewelries if you believe so much in the agric business, that was how the likes of Jim Ovia, Fola Adeola, Erastus Akingbola and their friends did in order to raise N20 million which they used to get banking license in 1989

Well,i don't have any property of such value else i would have sold it.please advice me what should i do?

Look to your personal savings, family, neighbours, church, social circle for support

Agbalowomeri:

The money is for japa

japa? with 5million? to where?

Thazard:
Well,i don't have any property of such value else i would have sold it.please advice me what should i do?

What is the annual turnover from your business?


How long have you been in the business?


If you can't raise N5 million, start with whatever you can raise, if possible get a job so that you can save up in order to pursue your dreams

Thazard:
japa? with 5million? to where?

Unfortunately you don't have a track record.



Prove the bank wrong by depositing the title documents of your parents properties as collateral security

Thazard:
Well,i don't have any property of such value else i would have sold it.please advice me what should i do?

Start with what you have!

When you get your business model right and you start generating revenue and profit.

You can look for additional capital to scale the business.

It is very wrong to use a loan to start a NEW business.

Thazard:
japa? with 5million? to where?

There are several countries you can use 5 million to Japa to. Including Canada.

Agriculture is too risky to give an unsecured loan to a newbie investor in the industry.

Business should not be an after though but what one is intentional about.


I know a man who is now big in phone and computer importation into the country.


The guy made 3rd class from FUTA in 1999, he believed nobody would employ him


He used his NYSC allowance and money from side hustle to start a computer school and business center, and later diversified into phone importation, later into computers etc


The guy has done well for himself with investments in real estate and stock market courtesy of the profit he made from his business

otomatic:
Look to your personal savings, family, neighbours, church, social circle for support

There is one 500k loan ready for me @ Acess bank based on turnover.It is on 4% monthly interest for 3 months.Pa Emma this one is also unsecured loan looking for who to grab it.

The guy can still get up to 5m unsecured loan if he talks to his account officer but the interest rate of 48% per anum is worrisome.

locodemy:


There is one 500k loan ready for me @ Acess bank based on turnover.It is on 4% monthly interest for 3 months.Pa Emma this one is also unsecured loan looking for who to grab it.

The guy can still get up to 5m unsecured loan if he talks to his account officer but the interest rate of 48% per anum is worrisome.

That is based on your cash flow. Banks also do cashflow lending but I doubt that this startup has any record. The startup may even be an idea in the promoter's head and looking for who to fund the "experiment".

And, your loan is not so unsecured in this era of global standing instruction in which the bank can debit any account with your bvn. The bank knows that even if your cashflow does not come to them , it will go to another bank and with GSI, they can still recover their money in case of default

locodemy:


There is one 500k loan ready for me @ Acess bank based on turnover.It is on 4% monthly interest for 3 months.Pa Emma this one is also unsecured loan looking for who to grab it.

The guy can still get up to 5m unsecured loan if he talks to his account officer but the interest rate of 48% per anum is worrisome.

It was based on the monthly cash flow or turnover on your account.



I have been asking the guy for his average turnover but no answer.



Probably it is a new business with no track record

9free:


Bros, which group be this biko...... The kind haircut wey I received from both $PLTR and $IDEX for that side no be here oh.

Lolllll is me and my Rabbi ooo he told me then that Tilray will do 2$ from around $16 voom the stuck is currently doing $1.85. there is a quarterly dividend stock am eyeing as he said can do 1.4 again it hit 4$ from 1.42 now 3.8 the next ex dividend price is June 14, I think they pay 0.15$ per quarter.

RabbiDoracle:


You seem green in this field and want to learn. We have been investing since 2006. We saw the euphoria of 2006 till March 2008. Many people lost money. I lost some too especially on IPOs, PO but I had a good paying job that made me not bother about the loss.

People made huge money pumping NSE index in 2008 to 66,200 or so. 2008 was a wave 5 of the bullish trend that started in September1999 when NSE index was at 4,900. From that time till 2008, NSE index rose 1,250%.

Once you have a parabolic rise as seen between 2006 to 2008 on NSE INDEX chart, it is usually followed by a sharp decline/corrections. For such corrections, you should hardly invest in them. You should trade them because they are bound to reverse.

And since 2008 till date, NSE index has not touched the 66,200 made then.



In every of such correction, the price makes ABC moves using Elliot Wave. Wave A ended around 2012 when NSE index was at 19,400 during Sanusi Lamido saga. Wave B should go high enough but the peaks seen in 2014 and 2018 doesn't match the specifications described in ELLIOT wave. And the trough of 2018 wave did not clear Wave A (made in 2012).

Then comes the rise after pandemic. The peak hit almost 56,000 in 2023 which correctly describes a Wave B based on the calculations. And coincidentally as could been seen today, all the negative news started coming out around the world about Moody downgrade of Nigerian banks, German recession, crude oil price drop, US defaults, US banking crisis, Chinese downgrade of US AAA ratings, virus resurgence in China, deadly fungi in US and Mexico blah blah blah.

This tells one that we still have a downtrend to go. Wave C needs to clear 2012 low of 19,400. Hence I had to estimate a drop to 18,900 to have a completion of the correction that started in 2008.

If this dares happen, then one can say where the next wave will take us to. We wait to see.

Note: Wave C is usually vicious just like the type we saw in 2020.

"It is not the hunter who spends the most time in the forest that catches the biggest kill."

Scary scenario!!!!

Abbasmh:


Back in those days in 2006 to 2008. There was a lot of manipulation of share prices especially in the banking sector, by the directors. The story of peter ololo still in our minds.

And someone was saying OBJ tenure was the best period for NSE now where are the prices today? Still have dead stock my portfolio. I bought japaul for around N3 PO then

aremso:


Lolllll is me and my Rabbi ooo he told me then that Tilray will do 2$ from around $16 voom the stuck is currently doing $1.85. there is a quarterly dividend stock am eyeing as he said can do 1.4 again it hit 4$ from 1.42 now 3.8 the next ex dividend price is June 14, I think they pay 0.15$ per quarter.

If oga Oracle will permit abeg share the ticker make I check am out.

aremso:


And someone was saying OBJ tenure was the best period for NSE now where are the prices today? Still have dead stock my portfolio. I bought japaul for around N3 PO then

It is well.
DAARCOM and Unionhomes still dey hang for my neck sha...

Don't trade what MIGHT happen. Trade what is on your screen.

You win in the market when you agree with the market. The trend is your friend.

9free:


It is well.
DAARCOM and Unionhomes still dey hang for my neck sha...

I get Darrcom too, staco insurance dey there too

owolabi5:



Start with what you have!

When you get your business model right and you start generating revenue and profit.

You can look for additional capital to scale the business.

It is very wrong to use a loan to start a NEW business.

Doing agriculture on a small scale isn't really profitable.

It's just a means to feed your family only.

But doing it on a large scale is where the profit is.

emmanuelewumi:




Unfortunately you don't have a track record.



Prove the bank wrong by depositing the title documents of your parents properties as collateral security

I said it earlier,if I had any means of collateral,I wouldn't be asking of loan without collateral.

emmanuelewumi:




What is the annual turnover from your business?


How long have you been in the business?


If you can't raise N5 million, start with whatever you can raise, if possible get a job so that you can save up in order to pursue your dreams

It's just a start up and I do have a job but it isn't really sufficient for me that's why I want to invest in garri production.

otomatic:


5M, No collateral, Startup (no experience), 6-year repayment period.

You have some boldness sir.
Goodluck.

6 years repayment plan?

Well I don't really like late payments.

So I am trying to be realistic.