MicroMentor is Responding to the Coronavirus (COVID-19) Impact on Businesses. Visit our Coronavirus and Small Business Resources page.
Yes! what do you need to know about it?
Report connor's answer
Report Bo's answer
Well, it is possible to start a business with loans but in lieu of precarious economic conditions, you are embarking on a high risk mission which you must be ready to stand to. However it is safer to start small with the little resources at your disposal and grow it with time. Then some level of stability can be the foundation for viability when assessing loans. This is why most credit facilities put some level of viability forward as a criterion for your credit worthiness.
Report Oluwakayode's answer
Individuals or organizations who may consider a loan to start your enterprise will wish to see your plan for it.
They will look at your market research, the sound nature of your idea, your research into your competition and above all, your anticipated sales compared to your expenses and your projected profit.
Those projections must show how your revenue forecast will not only cover your expenses plus a reasonable profit, but also the repayment of their loan to you with interest and when that event will occur.
For useful information on developing such a plan, please see the suggestions at the following question here on Micro Mentor: https://www.micromentor.org/question/4871
Report Kenneth's answer
Yes dear, it is possible to start a business by taking a business loan from any reputed bank. You need to first register your business with the government and arrange all the documents according to the checklist provided by the bank. You would also require a project report. In business loan bank gives you 75% of the total amount to be invested in the business and 25% to be invested by yourself.
Report Amit's answer
Based on personal experience, it's not advisable cos u end up using ur profits to pay the loan. Try sourcing funds through different means.