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Where And How To Get Loans To Start Business
Whether you are looking for an agric loan to start a business in agriculture or you need more money to expand your dry cleaning business or other small scale businesses and medium enterprises, assessing and getting loans for business without collateral is very simple if you follow these tips.
More: 5 Sure Ways To Raise Money For Business
==> RELATIVES AND FRIENDS
You can easily get small finance from your friends and family members. This is because people find it easy to part with little amount. Instead of asking an uncle to give you a loan of 1 million, why not draw up a list of people who can easily get you ten thousand so that the money can add up.
More: You May Not Need A New Business Idea To Succeed
==> MONETIZE YOUR SKILLS
You can translate your talents into money to raise capital for business. Everyone has a unique quality can be converted into cash if you develop it first. Take your time to look inward so as to discover yourself.
More: New Business Ideas With Low Cost Or No Capital Investment And High Profit
==> PERSONAL CONTRIBUTION
Daily, weekly, biweekly and monthly contributions can help you in securing loan. Whether your savings is with an individual or a corporate body such as co-operative societies (CICS), the assurance that you have a stable source of income to service the loan will assist you in securing a loan even if it more than what you have saved. Examples of organizations where you can save towards securing a loan include UBA, FirstBank, StanbicIBTC and AB Microfinance. To obtain a loan from AB Microfinace, you will need to open and account with them and run it for a minimum of three months.