My Experience Visiting A Bank For Loan As An Entrepreneur - Career - Nairaland
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| My Experience Visiting A Bank For Loan As An Entrepreneur by IsaacRocks(m): 9:44pm On Sep 13, 2021 |
#Storytime. I Once went to the bank to pitch one of my products (a lean startup under Pantakers) to one of the popular Banks in Abuja, after talking about the partnership type and showing my prototypes and idea, carelessly the lady just looked straight at me and said. "No1 I don't understand what you are talking about. No2 you can have access to any facility either in loan or fund from the bank". This statement almost killed me immediately, mhen entrepreneurs in Africa especially Nigeria are suffering oo, with tears in my eyes . I left there knowing that God that gave me the idea will water it and those banks will one day come and beg to invest in my idea. 116 Likes 8 Shares |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by In2systemsTech(m): 10:02am On Sep 14, 2021 |
Well... That's how the story goes... Out there you can even get a loan to study... Apart from the grants and scholarships... When is Nigeria going to be okay? But did you try microfinance Bank? . Direct Toks 2013 Ford Edge For Sale In Onitsha https://www.nairaland.com/6737594/direct-toks-2013-ford-edge 9 Likes |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by slawormiir: 10:02am On Sep 14, 2021 |
Damnnn niggar Isoright .... You see why youths do anything to make money.. This is what I keep on telling my niggarrrrs Before you become successful in this gadamnnn world......sometimes you have to do something illegal first.....then as the money comes...stop that illegal dope shit and use the money to pursue that your legal dream This na exactly how most of our millionaires and Billionaires take start...because at the beginning nobody will help, sponsore or invest in your ideas especially if you are from a poor background 177 Likes 22 Shares |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by 900warriorz: 10:02am On Sep 14, 2021 |
Don't give up bro...keep Pushing Until Something Happens (P.U.S.H) Obstacles are gonna be there to frustrate you out of your goals especially in a country like ours Just remember every big man you see today didn't have it easy from the start too...The best time to act is now so keep going. Finally, may God crown your efforts with Success. 25 Likes 2 Shares
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| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by tobtap: 10:02am On Sep 14, 2021 |
Kpele... It is well... Funds dey come... No give up 3 Likes |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Butterpie123: 10:03am On Sep 14, 2021 |
Sorry in Nigeria |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by money121(m): 10:03am On Sep 14, 2021 |
Ok |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Nobody: 10:03am On Sep 14, 2021 |
It is well! |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Nobody: 10:03am On Sep 14, 2021 |
Should we tell him? Your idea might have been stolen, bro. Be prepared to sue the bank  97 Likes 7 Shares |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Isupaefugbemi00(m): 10:03am On Sep 14, 2021 |
Na wao. I believed that day, you must have dressed to kill. Thinking you will hit the jackpot. 23 Likes 1 Share
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| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Kazim88: 10:04am On Sep 14, 2021 |
Bank all over the world don't give unsecure loan to start up and "Idea". Some bank won't even give you loan with a valuable collateral if you are a start up. It's not worth the risk for both the bank and entrepreneur. Now, coming to Nigeria where the system for loan recovery is non existence making loan interest terribly high. where 1 out of 500 Entrepreneur stays afloat after 5 years according to CAC statistics. Where ignorant career politicians, fraudsters makes doing business almost impossible... For working into a Nigerian bank seeking funding for a Idea, you should be arrested and counsel for attempting suicide. Lastly, I pray you succeed. The process and your struggles to the top will make you understand and appreciate that banker lady. 80 Likes 4 Shares |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by lessonotes(f): 10:04am On Sep 14, 2021 |
"No1 I don't understand what you are talking about. I can't understand you either; is it you can or you can't; which one? No Bank will give you a loan for an idea, you can try venture capitalists, but before you do, be armed with your business model canvas hypothesis, research and growth potentials for your idea as well as customer pains you're trying to eliminate and gains you wish to proffer. Also an MVP (Minimum Viable Product) will not be bad. If no way for there, look for all these bootcamps sprints online e.g F6S (https://www.f6s.com/) and go through them, also save money if you're a salary earner so that you can bring your idea to fruition. 73 Likes 1 Share |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by TheOldGods: 10:04am On Sep 14, 2021 |
IsaacRocks:God that gave you the idea will make banks come beg you. What type of flawed, sentimental, entitlement, crazy statement is this? You sound very pained, banks that are already made!!, the bank you talked about do you know how long it will take you to surpass them? Instead of you to understand where your idea went wrong or something, or you didn't pitch yourself properly for them to understand, you're here bringing sentiments to business. Even the mods that brought this to top sef are all in the same boat. If you don't pitch your ideas perfectly, even your dad as a business man, won't give you loan, talkless of another body. People are looking for solutions, alot of people may have come with your idea before and it flawed, what makes you different. Most of the billionaires you see now are all different because they do different stuffs. Elon Musk electric car, rockets, something never done. Bill gate, Microsoft, operating system, something never did. Mark Zuckerberg, Facebook, connect with friends etc. Dangote, production of things that Nigeria govt is not doing. Why do you think you deserve a special treatment? 37 Likes 2 Shares |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by oluwafreshkid(m): 10:04am On Sep 14, 2021 |
She actually told you the truth! You needed a loan, but you went to pitch an idea? I'm guessing to a customer service officer in the bank? Please what were you expecting her to do? Sign you on? Like she rightly said, there are different loan facilities available from banks. Gtcredit? Accessloan? Etc... If you want to pitch an idea, you should look in a different direction. Information is key! 25 Likes 3 Shares |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by money121(m): 10:04am On Sep 14, 2021 |
IsaacRocks:What's the idea like? Can you Pm me let talk business maybe it will help my roofing Business |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Llyodsjids(m): 10:04am On Sep 14, 2021 |
Sorry bro, before anything other thing or decision in this country, remember u are in a shit hole 1 Like |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by igbsam(m): 10:04am On Sep 14, 2021 |
Not surprised. They'd rather borrow the likes of dangote and politicians 3 Likes |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Ololanla: 10:04am On Sep 14, 2021 |
It is well with us in this country. 1 Like |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by SuperNova33: 10:04am On Sep 14, 2021 |
Nor mind them |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Badgers14: 10:04am On Sep 14, 2021 |
Very sad Indeed... Sometimes they even ask you for your stool sample and still deny the loan..smh. 3 Likes |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Macphenson: 10:04am On Sep 14, 2021 |
My brother, go home and rejoice for the Lord delivered you from of sharks. Taking loans in Nigeria is akin to suicide mission, their interest rates, their hidden charges etc. The Lord that gave u the idea will make way for funds provision. Rejoice my brother 14 Likes 1 Share |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Patrioticman007(m): 10:04am On Sep 14, 2021 |
Interest is evil flee from it, rally around your church or mosque, friends & family members for loan to start up. 3 Likes 1 Share |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by kingscare1(m): 10:04am On Sep 14, 2021 |
She told you the right thing Nah. What else do you want, a free money? She may not have the time to listen and assimilate every idea you got but like she rightly put you can access their loan. |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by BillionKnights: 10:04am On Sep 14, 2021 |
IsaacRocks:Do you mean "can't" |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by SarkinYarki: 10:04am On Sep 14, 2021 |
You probably spoke to the wrong person 2 Likes |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by othermen: 10:05am On Sep 14, 2021 |
Hehe. I expect you to reflect on the issues she raised and consider how you can improve on the presentation of your proposal or idea, then approach other banks; but instead you are taking it all personal. Asking here, about how others were able to access such facility would have been better appropriate. The banks business is not actually to invest in your idea, they try to give viable loans. The onus is on you to convince them. You should look at that banks bad debt. They meet thousands of folks like you now and then seeking to finance their ideas or business. And so they know that passion doesn’t take the place of a good, viable and feasible endeavor. For a small or medium size enterprise, you should even be looking at how you can raise finance at a reasonable cost of capital that doesn’t weigh down your expected rate of return. Evaluate alternatives such as business angels and venture capital, crowdfunding or even government assistance and Islamic financing. But if it must be a bank or even another source , then the next bank you approach, ask for the procedures on getting a loan. Prepare a convincing investment appraisal report, highlight your other sources of finance ( equity for instance) , show your versatility, by highlighting the likely challenges you may face and how you are sure to overcome it, remember again, to have knowledge of your application procedures, the secretary or security officer won’t appraise your proposal, they are only there to help with direction… while you do the above and even more, look out for shark loan givers, they may not structuredly interrogate your proposal, because all they want is you getting in their trap. The whole point is see this as a learning experience; improve, take your file and step out tomorrow, much more confidently. Set aside your grudges, the lady was nice giving you some great feedback, others may take you for a long futile ride and make you waste your transport and energy and resources. 17 Likes 4 Shares |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by oyeb15: 10:05am On Sep 14, 2021 |
Loans are meant for padis without collateral and will never pay back. Eg Cecelia Ibru of Oceanic Bank gave out billions in Loan to five people (3 are her cousins,1 her brother) and after 6months, the billions were written of as bad loans. Likewise Banks that sponsor politicians with investors fund. Wema Bank, Society General bank in past and presently all new generation Banks esp Zenith, UB@ and ECO These common practice makes bank shares to fall after using a fake rise to attract innocent investors. They sponsor governorship aspirants with investors fund in form of loan and when they win they gain as states and If the aspirant lose, investors, customers and shareholders loose. |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by xpressionx(m): 10:05am On Sep 14, 2021 |
BANKS ARE PART OF OUR PROBLEMS IN THIS COUNTRY. 1) THEY WILL NOT FUND START UPS NO MATTER HOW GOOD. A)ONLY GOD KNOWS HOW MANY BILLION DOLLAR IDEAS HAVE DIED BECAUSE OF LACK OF FUNDING. B)NO COUNTRY GROWS WITHOUT MAKING PROVISIONS AND INVESTING IN START UPS. C)START UPS ARE ACTUALLY THE DRIVERS OF THE ECONOMY. 2)THEY HELP POLITICIANS LUNDER FUNDS. 3)THEY ENGAGE IN ALL MANNER OF ILLEGAL DEALS WITH OUR MONEY. 4)THEY HELP POLITICIANS HIDE MONEY AND TAKE THEM ABROAD 3 Likes |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by AuntyAmope(m): 10:05am On Sep 14, 2021 |
Can or Can't   1 Like |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Nobody: 10:05am On Sep 14, 2021 |
Breakfast wey them dey serve everybody, e reach your turn tears dey drop from your eyes |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Dozie32(m): 10:05am On Sep 14, 2021 |
Don't ever think of collecting loan from a bank, na bad idea, just pray to God and play more of bet9ja.. God for favor you soon. |
| Re: My Experience Visiting A Bank For Loan As An Entrepreneur by arejibadz(m): 10:05am On Sep 14, 2021 |
i no understand waytin she talk for no2 1 Like |
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