₦airaland Forum

LillyVal:
Am sorry to hear that.

LillyVal:
which surgery?

PrincessB1:
Arghhh!

What a terrible world we live in
This is monstrously monstrous

coldFLARES1:
. An African proverb, I think, says you don't test the depth of a river with both legs. That said, there are levels where 'bad' graduates into 'worse'.

Generally, start-ups financed by loans are most likely to be stifled to premature death with having to be burdened with repayments when they are yet to get a fair market share reason why peeps are advised against loans for new business or ideas.

Having, accessed different kinds of loans in the last 3 years, while currently benefitting from two, I would say loans from Cooperatives are better than those from Commercial Banks, which are in turn better than those accessed through MfB's. The best being those sourced through government grants or agencies of government like DBN, BOI and the likes.

So to answer your question, the first thing to take note of is the interest rate. The cooperative I am (actually now an executive member) charges a flat rate of 10% (one-off) all loans. Though we have a varying tenor for repayment which is based on some broad categorization e.g 6 months, 9 months and 12 months. Though, our only limitation presently is that borrowings are capped at #200,000.

So if your Cooperative offers such or more alluring interest rate, and you can ensure the debt financing is not more than 30% of your business capital, you may survive even if you are starting a new business.
Thank you for your response. At 200,000 naira limit, I think my cooperative cannot give more than that and I need above that, atleast a million naira with a low interest rate. Now the question is, can BOI give me such loan at an impressive low interest rate.

Cryomancer:
They were only faced with Xenophobic attacks over there and they ran. Little did they know that they are coming to face lots of deadly threats like Herdsmen, Sars, Boko-Haram, Kidnappers, ISWAP, Buhari, 7.2% VAT, Dangote trucks, Suicide bombers, cultists, Armed robbers, Tinubu and so on.....


Let them come and enjoy the next level... No more escaping for anybody that returns.

chukwuibuipob:
.ok.Have fun on somebody's missing daughter? show ur level pf stewpidity.I'll engage adult above 47 in ur house not a
confused kid still eating free food

chukwuibuipob:
lil kid! then grow up and be responsible.