At some point in their journey, small business owners may see the need to take business loans from banks and other sources. The reason for getting loans may vary from business to business.

While some small business owners consider taking business loans for the purposes of expanding their operation, others may simply just want to increase their working capital. The need to acquire a piece of equipment and to purchase inventory are other known reasons why entrepreneurs seek business loans from time to time.

Getting a loan is good in itself as it can be all your business needs to grow, but it is also an expensive and delicate move. The more loans a business takes, the more business debts it incurs overtime. Which is why taking a loan is quite a risky move if you’re a small business owner.

This is not to discourage you from getting those necessary funds your business needs, it’s just an eye-opener. If you’ve decided to go for that business loan, ensure you’ve carefully thought things through and know the answer to this important question – What will my payment schedule be?

There are loads of other questions entrepreneurs should ponder on before taking a business loan, but this is one aspect where small business owners make the error that eventually cripples their business.

When most small business owners in need of a business loan realize they are eligible for the required loan, they make the silly mistake of signing the papers without first considering if the payment schedule for the loan works well in their favor.

These days, lenders have adopted a more frequent payment schedule for every loan they offer. Gone are the days when banks and lenders required yearly payments for loans given out. Lately, monthly payments are even hard to come by as most lenders have resorted to demand daily and weekly payments.

So, if your small business isn’t such that gets consistent cash flow all through the month, it would be unwise to take a business loan from a lender who requires you to pay daily or weekly. Be guided.

Regardless of how much finance the bank or a lender offers you, always ensure the payment schedule suits you and won’t in any way inconvenience you or ruin your business.

Look into your business. How has it fared in the last six months? Has there been steady flow of income on a daily or weekly basis? If the answer to these questions is NO, then a lender who requires such payment schedule isn’t the right pick for you. Get a business loan elsewhere!

It may surprise you to learn that there are loads of options available to you when you’re in dire need of a business loan to keep your business running or get it expanded. So don’t just take a business loan from the first lender who comes your way, keep searching until you find that lender whose terms and conditions of payment sits well with you.

Source: https://vapatrick.com/2019/05/10/make-sure-you-know-the-answer-to-this-question-before-you-take-a-business-loan/

No. You stole the FTC

Good one. A loan with repayment plan that didn't tally with business outlook and income schedule can be really disastrous.

PatrickOkunima:
Did you find the article educating?

No. You stole the FTC

the problem is not about borrowing,the problem is when you can't pay.......even fainting won't help you

PatrickOkunima:
Did you find the article educating?

No we found the stealing FTC captivating

My first advice is don't borrow money that you need yo pay back with interest. Naija business space no be joke o. As soon as you start a business that's profitable 1000 people starts the next month.

Please look for loans without interest or with very low interest and flexible plan. Or an investor or partner.

Make we stop the mentality of you alone has to be tge 100% owner of your company...

Do the maths. You own 100% company makes 1million /yr.
You own 50% company makes 10milion /yr.

Let me say my customised generic quote
You dont need money ..you need a team.

Dangote still dey find money

Dangote still dey find money .

And business owners should avoid loans that can cause business clossure

The final conclusion? Let's say business is good, and you are managing fine is loan a good idea or not when one seeks to expand? Or just keep growing little by little?

Useful advise

You won't see comments fill up on time on this thread. No be the useless topics they like to react on.

Meanwhile, thanks for this enlightenment.

Mubby4luv:
The final conclusion? Let's say business is good, and you are managing fine is loan a good idea or not when one seeks to expand? Or just keep growing little by little?

if u are making sells,u can go for loan

Nice one Op , this miscalculations had lead to closure of many small business in Nigeria.

Catfish require the water they live in to be a certain pH level in order to be healthy. If the pH level is too low or too high, it can make fish sick, even kill them. A low pH means that the water is acidic; a high pH means that the water is alkaline.

What is pH?

The term pH describes how acidic or basic a substance is. The H refers to the amount of hydrogen ions and hydroxide ions present in a liquid, such as your fish tank water.

The lower amount of hydrogen ions present, the more acidic the substance.

The higher amount of hydrogen ions, the more basic the substance.

The pH scale is a diagram that provides a visual guide for the different levels of pH.

Pure water has a neutral pH, or a pH level of 7. Milk has a pH level of 6.

The lower the number on the pH scale, the higher the amount of acid the substance has.

For instance, lemon juice has a pH of 2 and battery acid has a pH of 1. Levels higher than seven are more basic or alkaline. Baking soda has a pH of 9. Lye, a caustic alkaline substance that can give you a chemical burn when it touches your skin, has a pH of 14

Harmful pH Levels

Fish thrive when the tank water is the same pH as the water found in their natural environment. 

Tank or fish pond water with a low pH is highly acidic and can burn a fish's skin. Tank or pond fish water with a high pH is highly basic or alkaline, and can chap or chemically burn a fish's skin. Young fish are more sensitive to higher acidic water.


Changing pH Levels

Use a pH fish tank water test kit to test your water. If your fish tank water pH levels are too low, the water is too acidic.

To raise the pH level up to 7 you can add limestone (calcium carbonate), For water less than pH 6, use solution of soda ash (sodium carbonate) or caustic soda (sodium hydroxide) into the pond.


This raises the sodium content of the water. For water between pH 4 and pH 6, use soda ash Feed this solution into the tank at a rate to raise the pH to near 7.

For water less than pH 4, use caustic soda to the water, aerate the tank water with an air pump to eliminate excess carbon dioxide that has formed in the low pH water, or use an alkaline buffer to neutralize the acid and make it a more nuetral pH.

If you live in an area with hard water, or water that has a high pH, lower it by adding an acid buffer, use a water softener or filter the water over peat moss.

Neutralize alkaline water (greater than pH 7) by feeding diluted sulfuric acid in the same manner as soda ash. Use caution in making solutions from strong acids.

Always add acid to water slowly. Never add water to acid: Use gloves and goggles when preparing solutions.

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What is the OP saying exactly?













Contrabands make the best sales for now in this country...



"It is not an advice please".

You are really right. First step I think in collecting a loan is repayment plan. It's always very easy if the owner is totally in control of the business.

In other words don’t take a short term loan for a long term business . This will kill any Business .


If you are a starter .
Borrow from family and friends with zero interest .
Get a space that you re not paying rent for .


Sometimes your business don’t need expansion your business needs attention .

Funny but it’s the truth some growth kills business .

Pay attention to every details . .

PatrickOkunima:
Did you find the article educating?

Yes and not just this but I find most of ur trends educative and entertaining.
Thanks

Taking a loan to start a business is not healthy.
Soft loans from family and friends is always better.
These banks giving loans are here to make money.
Have this in mind you might not make profit the first year but cover expenses and capital invested.

Mubby4luv:
The final conclusion? Let's say business is good, and you are managing fine is loan a good idea or not when one seeks to expand? Or just keep growing little by little?

I know a business that was doing fine and growing organically until the CEO took a loan that ended up wrecking the company

Saltoflife:
My first advice is don't borrow money that you need yo pay back with interest. Naija business space no be joke o. As soon as you start a business that's profitable 1000 people starts the next month.

Please look for loans without interest or with very low interest and flexible plan. Or an investor or partner.

Make we stop the mentality of you alone has to be tge 100% owner of your company...

Do the maths. You own 100% company makes 1million /yr.
You own 50% company makes 10milion /yr.

Let me say my customised generic quote
You dont need money ..you need a team.

You be boss ....as in you get am
I started a venture near a poly some times ago baba believe me after two months the stuff full everywhere....shops just dey open.
But I kill them all with my supply chain

Most of our banks and loan agents are not always truthful, they just want to cheat and make more money by given you extra charges that is not included or mentioned in the scope.

It's understandable that most of them are commercial bank/micro finance and their primary objective is to make more money, i bliv the CBN has major role to play here by making interest rate flat across board without extra charges.

This will help small Scale business owners by making proper projection of how to sort/clear their loan.

Mubby4luv:
The final conclusion? Let's say business is good, and you are managing fine is loan a good idea or not when one seeks to expand? Or just keep growing little by little?

At some point, you will need a loan or a merger with another person/ group, if you really want to expand.

God forbid for bank loan... Better to collect from these people that borrow, you can still get people to beg and get more time, Buh Bank, make you no die of HBP

Very very interesting tks for your advice.

it better one should take a lone from frds nd relatives wit zero interest.... I follow this step and have paid the lone even thought not 100% fully stable

I regret getting a loan to start a business, I'm ready to refund this month and start afresh even if I start with a small amount, I will have peace

Ren money is even the worst 30% interest rate