einsteine:



Banks don't provide loans to start ups.

Stop saying what you don't know.

VC firms are the ones who provide funding for startups.

Banks only provide growth capital after you have proven viability and even so, most banks are collaterized or based on particular projects cashflow.

IsaacRocks:
#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.

membranus:


Have you ever heard of venture capitals firms set up across the globe, which are another form banking and financial credit source. Their major focus for credit provision are technological start ups.

900warriorz:
Don't give up bro...keep Pushing Until Something Happen (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.

SimplyFacts:
Should we tell him?

Your idea might have been stolen, bro.
Be prepared to sue the bank

Tinyemeka:


VC firms are not banks. And the OP did not approach a VC firm.

Juicy001:
https:///GE4cvco2cCqBx4lVKrSmSw

Join my what's app group for your daily free odds

membranus:


Have you ever heard of venture capitals firms set up across the globe, which are another form banking and financial credit source. Their major focus for credit provision are technological start ups.

IsaacRocks:
#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.

IsaacRocks:
#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.

Yusluv13:
This is even better. A gang of 4 decided to have a football academy in one of the best estates in mainland (Lagos). We write letter to the chairman Association and we booked appointment for the following week. They asked us of goals and vision. After the meeting, the following 3 or 5th weeks as I passed through the field I saw children playing football there with a customized jersey. Emerging, they stole our brain and seized the opportunity. This is Nigerian!!!

SimplyFacts:
Should we tell him?

Your idea might have been stolen, bro.
Be prepared to sue the bank

othermen:
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.

IsaacRocks:
#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.

Zico777:

So true!
Baba, pls teach me how to use the bolded icon.

BillionKnights:

Do you mean "can't"

900warriorz:
click the bold icon and this will appear [/b] put your words in between the both middle brackets. If I type it practical, it will come out bold.

Tpc:
You went about it the wrong way, and this is what kills us Nigerians. We don't know how so we condem.


You don't go to a receptionist and tell her to sign company money to you.
Customer care are receptionist.

You were supposed to ask for the loan department. Either business loans or retail loans, personal loans are only for those with salary accounts.

Giving you a loan depends on only 1 factor, your DTI, debt to income ratio. How much are you earning to be able to pay that debt.
So if you walk into any bank you are 99% likely to be refused because you don't have a track record of income, but if you talk to your accounts officer of your bank, where you have a good track record of income, then you are 99% likely to get that loan.

Thank God for Fintech companies also, if you understand debt management, stock and bonds you can raise unsecured loan from your phone nowadays.

It just depends on how much risk and mode of payment for income you are willing to put into your effort.

Remember, omo dis na 9ja,shine your eye and double your Hussle, always ask

Zico777:

Like this?
Wow I got it thanks
But how come that b is still showing in bracket?

Shokoloko:


Venture capital is not another form of banking. A venture capital (VC) fund is a sum of money investors commit for investment in early-stage companies. The investors who supply the fund with money are designated as limited partners.

membranus:


Have you ever heard of venture capitals firms set up across the globe, which are another form banking and financial credit source. Their major focus for credit provision are technological start ups.