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Nairaland Forum / Nairaland / General / Career / My Experience Visiting A Bank For Loan As An Entrepreneur (22376 Views)
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Re: My Experience Visiting A Bank For Loan As An Entrepreneur by membranus: 11:14am On Sep 14, 2021 |
einsteine: 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. |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Zico777(m): 11:14am On Sep 14, 2021 |
[quote author=money121 post=105800894]Ok |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Tinyemeka(m): 11:15am On Sep 14, 2021 |
IsaacRocks: I'm sorry I'll be sounding this way, but I can't recall reading anywhere, even abroad, of banks funding startups at the incubation stage. I stand to be corrected. Most projects at a stage like yours, tend to get funded by contributions from friends, family, personal savings and angel investors. Bank loans tend to come in during growth phase. It might be a very bad idea to kick-off using bank loans as your funding base. Did you have a prior relationship with the bank you visited, for them to profile you and gain an understanding of your ability to pay back the loan? 3 Likes |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Tinyemeka(m): 11:16am On Sep 14, 2021 |
membranus: VC firms are not banks. And the OP did not approach a VC firm. 1 Like |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Zico777(m): 11:18am On Sep 14, 2021 |
900warriorz:So true! Baba, pls teach me how to use the bolded icon. |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Tpc: 11:19am On Sep 14, 2021 |
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 2 Likes |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Nobody: 11:19am On Sep 14, 2021 |
SimplyFacts:so true mehn 1 Like |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by cmecproblem(m): 11:19am On Sep 14, 2021 |
You talked to the wrong person. I'm sure there are people in that bank even the chairman who'll love your idea. Try again. |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by membranus: 11:21am On Sep 14, 2021 |
Tinyemeka: JP Morgan, and other Investment Banks, have venture capital division. |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by millionboi(m): 11:21am On Sep 14, 2021 |
Juicy001:your WhatsApp |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Shokoloko(f): 11:22am On Sep 14, 2021 |
membranus: 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. 1 Like |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by emmanuelewumi(m): 11:25am On Sep 14, 2021 |
IsaacRocks: Your personal savings, loan and grants from family, friends, neighbours and old school mates are the preferred options for a start-up 1 Like |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by deeva2: 11:26am On Sep 14, 2021 |
BANK FUND/LOAN EXISTING BUSINESS, NOT IDEA |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Yusluv13(m): 11:31am On Sep 14, 2021 |
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!!! |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Alaigbopress: 11:34am On Sep 14, 2021 |
You should pitch idea to Angel Investors not bank. Bank is looking in one direction, your ability to pay off your loan and perhaps you need to chose a facility that can fit you not bla bla you were spewing. She even have time to listen to your technical semantics. Wish you goodluck Bro but next time know what you want and know how to approach it. |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Saintsquare(m): 11:34am On Sep 14, 2021 |
Get in touch with Startup accelerator companies, they can help draw in investors.. however it comes with a partnership as they would own a certain percentage in the company once you blow. |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Oesophagus99(m): 11:40am On Sep 14, 2021 |
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Re: My Experience Visiting A Bank For Loan As An Entrepreneur by hahn(m): 11:40am On Sep 14, 2021 |
IsaacRocks: No 2. Can or Can't? |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by hahn(m): 11:42am On Sep 14, 2021 |
Yusluv13: Imagine* Na our way. That's why there's no point sharing ideas with all these so called "big men". Just a bunch of old folks with stolen money. Trust me they will not be able to sustain the idea.just watch 3 Likes |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by bobowaja(m): 11:44am On Sep 14, 2021 |
SimplyFacts:Can I like this more than once? Your username really fits you. 1 Like |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by suffering: 11:51am On Sep 14, 2021 |
Lol. Don't go and push trucks till you make small enough capital to kickstart. Stay there waiting for banks who are only looking for big fish. Everybody is a hustler in this country. If you can't meet up, travel out or die while at it. |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by stancydg: 11:53am On Sep 14, 2021 |
othermen: While your points here are valid and the OP should make use of one or two of them, the fact is most of those bank employees are plain daft, rigid and unknowledgeable even about products on their bank websites. One such place to discuss great ideas should likely be the corporate affairs department at the HQ's of banks, perchance one may meet more knowledgeable, flexible and creative folks there. You see those ones at the branch offices, 90% of them are confirmed zombies. They just garbage in and out. |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by micflo28(m): 11:53am On Sep 14, 2021 |
Don't blame those banks, past sour experience where people with no guaranteed source of income or repayment plan accesses loan and elope into thin air. Most times we by our hands condition others to behave the way they do. In time past banks were running after debtors to come and pay up their loans. They utilized every means available. Our dishonesty has put us all in a very tight and uncomfortable position. One that comes with so much lack of trust. Sorry op for your experience. |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Omobada(m): 11:54am On Sep 14, 2021 |
IsaacRocks: Sorry op but seems you meant to type CAN'T instead of CAN. You confused me small oo |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by bigpicture001: 11:57am On Sep 14, 2021 |
When I wanted to start my huzle.. I also went to the banks and was told similar story .. infact a micro finance bank wanted to giv me 200k then, but I couldn't get two gurantors... I later got the loan from my gf. And friends totalling 500k.i was happy... after much resistance from them . After 6minths in the biz, I was happy the bank never gave me cuz I have lost over 400 k. My friends were after me, my gf broke up. I was just feigning profit to those who don't see my books. I was like a mad man max . Eventually, my gf left me, my friends calmed down a little, I now used the almost dieing biz as front to get another 200k from another girl . Walahi, I see shege... This time, it clicked.. av paid off my friends, paid my gf half her money even without her asking. And am now seeing profit like I hoped for when I wanted to start... Difference is that bank wouldn't be that patient and understanding, don't take a loan from bank for a start up .. nothing is so sure as u see them at the idea stage 4 Likes |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by 900warriorz: 11:58am On Sep 14, 2021 |
Zico777:click the bold icon and this will appear [b][/b] put your words in between the both middle brackets. If I type it practical, it will come out bold. |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by hosemujica: 12:00pm On Sep 14, 2021 |
BillionKnights:If this is how he presented the idea ehn, no wonder the lady no understand. 1 Like |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by Zico777(m): 12:01pm On Sep 14, 2021 |
900warriorz:[b]Like this? Wow I got it thanks But how come that b is still showing in bracket? |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by stancydg: 12:05pm On Sep 14, 2021 |
Tpc: You're right, but even if he talked to the folks in the right department, he may still get same dumb reply. I have spoken to such in the past who aren't even aware of interventions such as the DBN, clearly advertised by their own bank websites. Now, you don't apply to DBN directly, your commercial bank must channel it. Case closed if your bank nor even know wetin dem suppose do. |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by 900warriorz: 12:05pm On Sep 14, 2021 |
Zico777:enclose all you are typing within the two middle brackets...nothing out, all in |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by membranus: 12:08pm On Sep 14, 2021 |
Shokoloko: https://www.reuters.com/article/jp-morgan-moves-venture-capital-idUSL2N27L0AR |
Re: My Experience Visiting A Bank For Loan As An Entrepreneur by einsteine(m): 12:13pm On Sep 14, 2021 |
membranus: You are quoting me talking about VC firms when I already highlighted that in my post. Did you even read my post before replying? VC firms are not banks as they do not accept deposits from the general public and they generally provide equity mostly. In cases where they provide credit,it is in the form of hybrid securities such as convertible debt or preference shares. By the way,next time read before replying 1 Like |
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