Past experiences have shown how difficult it can be to raise a loan in Nigeria to either fund an existing business or kick-start a new business.
As we all know, without needed finance a business is as good as dead from the onset.
First Thing You Should Know
I wonder how a business-minded fellow ought to succeed without the needed amount of finance to execute several plans laid out; it will be extremely hard to realize such a goal at the end of the day
No doubt about it, a good amount of finance is needed to beat competitors to their games; any attempt at trying to cut corners can be counterproductive.
Just as I stressed from the onset, it can be so tough getting that money to fund a business but there are still firms out there willing and ready to give out these funds once your business meets their requirements.
Don’t just expect to get that loan on a platter of gold, you need to prove to these professionals that you are for real and not a pretender. Certain steps ought to be fulfilled to scale through
You need to be double prepared before ever thinking of approaching these people, except if you don’t need it, be sure of what you are going into if you are starting a new business.
Not only that, for a going concern, talking of those already in business but needed that extra finance to expand, you also need to present your case to a logical conclusion to get a loan in Nigeria.
Unlike what obtains in the Western world, is like forcing a camel to pass through the eyes of a needle down here.
Do you want that loan given out with ease, then, stick jealously to these hot tips
Understanding Your Business
Just as I opined above, you need to be sure of that business, is not enough saying you are well experienced, you need people to come in and tell if you are well grounded when it comes to understanding it.
This is one mistake most intending business fellows do; it goes on to hunt them when they now decide to seek loans either for a short or long-term plan.
Most don’t such finance no thanks to that obscure knowledge they presented before the professionalized loan firms.
If you find it hard getting that underlying knowledge as far as that business of yours is concerned, there is no crime approaching those in the same line of business.
Talking of established competitors that will be willing to take you by the hands and offer some advice is needed.
Never allow ego or pride to ruin such a party, give it a shot and see how you will become the toast of loan firms
A Detailed Business Plan
After getting to understand what you intend to go into, you should draw up a detailed business plan, this is one step that requires all the professionalism one can infuse to succeed in that loan pursuit. Just as the name implies, it’s all about the following:
* Presenting what your business is all about, talking of products you intend to produce or services you want to render to members of the public
*The location you intend citing the business is also of utmost importance, this should be clearly stated, as there might be a need for an on-the-spot assessment by the loan firm, it happened to an uncle of mine
*Prospects of the intended business and the viability of the business should also be concisely stated for you to stand a very good chance of nicking the credit facility.
Projected income either on a short or long-term basis should be clearly stated, such issuing houses will see that seriousness is such fellow.
The step will clearly distinguish you from people that have no clear knowledge of what a loan facility is all about
*Your repayment plans should also be carefully stated, don’t forget you will most likely be faced with the firm’s mode of repayment plan
These are just part of what your business plan should entail, some professionals could help handle such a plan if you want to stand a good chance of getting a loan in Nigeria.
They are willing to help draft up a good business plan at a very cheap price, do your findings and talk to them
Good Credit Rating
Make no mistake about it; you need to have a very good record as far as credit
facilities are concerned, don’t expect to get another when you have an unresolved
loan issues in time past will only act as a stumbling block.
It happened to a very good friend that wanted to go into snail farming. He already had a ready market but looking for a bigger loan to expand his business.
Despite his beautiful business plan, he eventually ended up not getting a loan from about 6 firms he visited no thanks to an unresolved pending loan that gave him a very bad credit rating.
I will advise you to search your inner soul and be ready before making any move as regards your pursuit of a loan facility in Nigeria.
How organized are you? I know the question will jolt so many intending loan-seeking fellows out there but the truth remains that you need to be organized
mentally, physically and business-wise before thinking of approaching any panel that will test your eligibility for a credit facility.
Try all you can and see that you are truly organized before making the move; you will get the loan with ease.
Still meet people that will help sharpen your understanding of that business you intend to delve into, this will help present your argument in a professional form.
This should help convince the loan company that you are the real deal, no doubt about it, there are so many pretenders out there. Make sure that present yourself as a serious person who is serious about a business.
Share this post with your loved ones so that they don’t make the wrong decisions. Also, drop your comments about what you have learned in the comment section.
Writer: Gafar Bolarinwa Yusuf