Where can I get a loan to start a business?
I'm thinking of starting my own business as I'm tired of working for companies for an unfair and low salary. I don't have the required capital to start however. So my question is where should I go to get a loan? Which bank can I try? Will I get the loan easily?
Thanks in advance.
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There is no minimum term or contract involved.
For general type of loans, try the renowned banks like SBM, MCB, HSBC, Barclays Bank One etc. You need to check them all to see what advantages they offer eg interest rate. Don't just go to one bank and think that's the best deal you can get it. Go to each and every single one of them to make sure you get the best loan product.
Although it is the sad reality of working for someone else that you don't get the satisfaction you deserve (whether financial or personal), you still have the security of receiving an income every month with a permanent job. When you start in business, you need to make sure you have enough money for at least 6 months to pay the bills and every thing else you need.
Have you thought about what type of business you want to do? How you are going to market the business and when you are likely to see any revenue at all?
Thank you for your reply. I've though a lot about this and have gathered some information the market. I will continue to work while developing the business and if it works then I'll happily quit.
I have a last question; DO these banks ask for some garantee or things like that? Thanks again:)
Yes you probably will need a guarantee, and your assets need to be new btw. You should go check SMEDA in person, they will give you better advice.