winnah:
Bro na lie be this oooo. You can't approach a bank for 10m and they'll request for a collateral Worth of 100m. Which year was that...?
Because today, Banks don't consider collateral as a yardstick for lending...
You know why, it's because it's near impossible [sic] to perfect any property documents in this country... For any property to be accepted by Banks as a collateral, the (land or any physical structure) must have
*C of O
*Survey certificate
*Approved plan and other legal papers.
We all know that it's only the governor that can prove this document (certificate of occupancy) and ever since the last general election, if not all so many of them has not signed a single one.

Banks don't finance startup.... They finance existing business that has a good cash flow... So if your looking for funds to start up... Look for Angel investors, VC firm, and VC individuals.

You that said you were looking for 10m, has your business ever made up to that amount before, do you have the cash flow that will support the funds... I'll advise you to go to bank of industry BOI. Thank me later

My business was existing before the loan and i was planning to expand, they classified my business has high risk. Profit was bellow N5 million and the collateral should be worth N100 million.
This was 2008 and maybe due to my age than. Does BOI support bars

Brunosamel:
Is quite hard to get one unless you well connected or from rich family members,

My advice work your ass off, save enough and start your business

If you are trust worthy you can use OPM to start your business.... Currently I'm using other people money to trade cryptocurrency distribute there profit by the month....

Bros explain to me how this OPM works...,

LivingADream:
I have a question for nairalanders.

How can a Nigerian business startup who doesn't have financially strong friends and family to turn to, raise fund for a business idea?

I have been struggling to raise some money to invest in a business idea without any success yet.

Thank you for your honest and helpful answers.

PS;

No substantial savings and no collaterals.

Search for Mazi Udoka Ozurumba on Facebook

jclassiq:


And the day you lose? What excuse will you tender? Or simply disappear into thin air?

I'm already honest with OPM, I don't hide any gain neither loss, when cryptocurrency went down last week I told them what went wrong and assure them I will bounce back...
As long as I have expert backup I don't have anything to loose... Life is all about risk

blahc007:

Bros explain to me how this OPM works...,

OPM simply means other people's money... Using other people's money to trade cryptocurrency, stocks or fx and distribute the profit accordingly... You must be trustworthy and very good with what you are doing for you to use other people's money... Using your skill to profit without using you own resources that primary objective...
The major problem is can people trust you with there money, will you deliver you promises....

emmanok24:
Do you by chance work with GTBank?

I run an FMCG business and need funds to increase my sales volume and currently have an healthy bank turnover but getting a loan has been difficult and saving has been a tall order!

How can I reach you?

Visit any branch of that bank that starts with P and tell them what you want. Just go there with your last six months statement of account, it can be from any bank statement and if your turnover is so impressive, you'll get a working capital facility within 10 working days.

Bloomeverywhere:
Op, you can crowdfund. issue shares / units/ token to the public for a stake in the project / company.
you can raise any amount in the world, if you can sell yourself or company to the world.... There's lot of money in the world. the only issue is redistribution.
Convince the world you deserve some of their money to start your business or project... Go boy, you can.

Who is "the world" where are they living abeg?

How?

merits:
piggy bank can help.

tutudesz:

My business was existing before the loan and i was planning to expand, they classified my business has high risk. Profit was bellow N5 million and the collateral should be worth N100 million.
This was 2008 and maybe due to my age than. Does BOI support bars

This sounds funny.
In finance, collateral is what we call Second way out (SWO).
The aim of lending is not to sell your collateral, but rather to ensure you can do your business and pay back the loan without going under.
Thus, the First Way Out (FWO) in every lending, is via operational cash flow. Thus, even if you have collateral worth N1B and you're looking for a loan of N100m but don't have very good cash flow prospects, no serious lender will listen to you.
Because, even putting up your property for sale also involves costs and expenses plus legal cases which you the borrower will institute at the expense of the bank. This is why banks now place emphasis on cash flow/statement of account turnover which represents capacity to pay off the loan with interest and still survive.

No, banks don't finance start ups, this is where the govt and angel investors come in.

slydog:


This sounds funny.
In finance, collateral is what we call Second way out (SWO).
The aim of lending is not to sell your collateral, but rather to ensure you can do your business and pay back the loan without going under.
Thus, the First Way Out (FWO) in every lending, is via operational cash flow. Thus, even if you have collateral worth N1B and you're looking for a loan of N100m but don't have very good cash flow prospects, no serious lender will listen to you.
Because, even putting up your property for sale also involves costs and expenses plus legal cases which you the borrower will institute at the expense of the bank. This is why banks now place emphasis on cash flow/statement of account turnover which represents capacity to pay off the loan with interest and still survive.

No, banks don't finance start ups, this is where the govt and angel investors come in.

My business was not a start up, it was already existing for 1.5 years

LivingADream:
I have a question for nairalanders.

How can a Nigerian business startup who doesn't have financially strong friends and family to turn to, raise fund for a business idea?

I have been struggling to raise some money to invest in a business idea without any success yet.

Thank you for your honest and helpful answers.

PS;

No substantial savings and no collaterals.

The simple way for someone like you is to raise it all by yourself cos nobody's interested in a startup business. So get all small side hustle that can help you raise the funds.

It does not work that way bro. People especially in Africa invest in a product that already has users or customers and not in an idea. Save some money, build your product and build your customer base then investors will check the numbers of your business and use it to decide if they should invest in it or not.

If I don’t know how many users/customers you currently have and how much profit you are making monthly, how will I calculate how many number of months/years It will take before I start to get return on invest when I invest X amount of money in your business? Do you want me to just blindly invest X amount of money in your business when you do not have the required numbers I need to decide if it’s a good business opportunity or not?

Lastly, never take the illegal route just to raise money to start your business because you will end up abandoning the idea even if you had made enough money to start it and finally end up in jail if you are lucky enough. Be wise and never give up

tutudesz:

My business was not a start up, it was already existing for 1.5 years

What was/is your one year turnover? Are into fmcg? Or what do you do?

timsucess:

How can one get it done

Via Venture Capital firms.

slydog:


What was/is your one year turnover? Are into fmcg? Or what do you do?

Bar, profit was bellow N5M

tutudesz:

Bar

I won't also lend to a bar, I had a customer come for lending too, I wasn't interested.
However, there's a way it can be presented, a high class bar, where you have responsible gentle men visiting, where you won't have a run on your fund via fights, police raid and the like. There's a lady who run a club where rather than beer, you have wines going up to N50k per bottle, plus cat fish joint, plus steady security, GRA, we even got to put two ATM machines there, Location, location, location. cliche clients etc, strong fundamentals, every week she does over 7-9m. Yes, she got working capital. Already existing business too.

slydog:


I won't also lend to a bar, I had a customer come for lending too, I wasn't interested.
However, there's a way it can be presented, a high class bar, where you have responsible gentle men visiting, where you won't have a run on your fund via fights, police raid and the like. There's a lady who run a club where rather than beer, you have wines going up to N50k per bottle, plus cat fish joint, plus steady security, location, GRA, cliche clients etc, strong fundamentals, every week she does over 7-9m. Yes, she got working capital. Already existing business too.

I think the location and Security challenge played a role in my case, Delta state had militant/cultists issue them and most bar were closing before 7-8. I went into the business with Lagos mentality

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Brunosamel:
Is quite hard to get one unless you well connected or from rich family members,

My advice work your ass off, save enough and start your business

If you are trust worthy you can use OPM to start your business.... Currently I'm using other people money to trade cryptocurrency distribute there profit by the month....

I'm interested in this.. Can pls write me on whatsapp 09075038283

Jh0wsef:
Whatever business you come up with, you need to reach the targeted audience to succeed. And with good branding, you will definitely do so because of the way you present your business will either convince or confuse your audience / buyers.

Let us brand your business, either new or existing. We are up to the task


https://www.nairaland.com/5586025/hey-check-out-designs

Send me a whatsapp message
09075038283

LivingADream

If your idea is a tech product, and you have the technical expertise to build an initial product (MVP), it is advisable that you focus on building it; launch it, even if it is to a minimum audience, gain some traction, and when it is time to scale, you may opt for investors cash, at this time, it will be somewhat easy to raise the needed capital.

Don't waste your energy thinking of raising capital at this early stage when in the true sense, you may not "need" it. I'd recommend that you read the story of Calendly, maybe it will inspire you.

But if you still insist, you can try your luck with YCombinator, 500 Startups, Halcyon and/or Seedstars.

Good luck

Lemmy123:
Wow, okay I'm in a similar situation and how I intend to raise capital is by trying to get a job, work for several months, save and invest the salary at the same time, I'm not married so I'm not worried about family, except my mother and father, my siblings should be able to take care of themselves...
So as I was saying, if the investment go wrong, which I'm sure wouldn't (crypto) the savings can never go wrong, it might lose value slightly because of the fluctuation of the Naira but it can never disappear provided I'd put it to use in few years...
My ideas are superb, na money remain and I know God will remember me

Pls I need small insight on this ur crypto investment cos I'm in the same situation
Here's my whatsapp number 09075038283

slydog:


Visit any branch of that bank that starts with P and tell them what you want. Just go there with your last six months statement of account, it can be from any bank statement and if your turnover is so impressive, you'll get a working capital facility within 10 working days.

I’ve got ideas as to the Bank!

I’ll definitely work on it and give an update on this platform.

Thank you.

slawormiir:
Damnnn niggarrrr
Isoright

Do some real dope shit son....

Then immediately you hit it .....then quit...and start up the business...

Watch that Indian movie...titled "white tiger"

big man. How far. I been send you mail. You no reply. Abeg reply me. Get small talk we got talk. No worry no be billing boss

LivingADream:
I have a question for nairalanders.

How can a Nigerian business startup who doesn't have financially strong friends and family to turn to, raise fund for a business idea?

I have been struggling to raise some money to invest in a business idea without any success yet.

Thank you for your honest and helpful answers.

PS;

No substantial savings and no collaterals.

cooperative

My question is it possible to start a tech company in Nigeria when you’re not really that techy? Esp a Fintech company?

Akpuobi1:
Prepare a financial model and business plan.

Prepare a Project/Business teaser.

Use internet the to search angel investors, Or wealthy people you know can invest or ministries/agencies related to your startup niche i.e. if your startup is I.T, based you search for funding at Minister of Communications and Digital Economy in Nigeria.

Send them your business/project teasers. If your business idea is good, the will invite you to pitch.

When pitching, use your financial model to show them how they will recoup there money back if they invest in your startup and expected yoy growth of your business, as well as how Nigerian masses will benefit from your idea.

If it's worth it it, the will invest in you.

I like your knowledge.

tutudesz:
Forget Nigeria Banks O!! Once requested for a loan of N10 million to upgrade my business to stage 2, only for the loan officer to request for collateral worth N100 million
Look for investors online, but sign agreement 1st before discussing your ideas with anyone.

Kindly explain : sign agreement 1st before discussing your ideas with anyone

Thank u

AMADU77:



Kindly explain : sign agreement 1st before discussing your ideas with anyone

Thank u

To avoid the person/ company stealing your idea

slydog:

I won't this is a lie, but I can tell you now that banks are more relaxed in giving out loans, esp working capital. As long are you are really in the business, banks can now give you up to N20m working capital without asking for land or property. I work in a bank as a relationship Manager and I have given several of such with no collateral except for key man insurance and fire insurance. Specifically to people trading in fmcgs

Banks in Nigeria don't give you startup capital bro..

Stop making it look good

DaddyGngeess:
It wouldn't be easy, get a job and save for some years, nobody will give u any money

Stop discussing the OP... There are finding opportunities there..ske adequate research... An example is Tony Elumelu Foundation... Did you apply for it?