I stumbled on this article by an anonymous writer and I think it might be helpful for those looking for money to start their own business. Raising start-up capital to finance a business idea is not easy and that is why the question, "How do I raise capital to finance my idea?" is mostly asked by people from all walks of life. Go to any forum where entrepreneurs are meeting, you will discover that discussions center mainly on how to raise fund for their businesses.
There is no doubt to the fact that it is sometime hard to come by money to launch new businesses. In fact, one great hurdle you will have to cross if you are to be in business is raising start-up capital. There are many problems confronting entrepreneurs, but the major one is how to raise capital. If you have a good and tested idea, the only thing that can stop you is how to finance such an idea and kick it off ground.
Nearly everyone in business today has one story or the other to tell about how difficult it was for them to get capital to fund their businesses. Nevertheless, one way or the other, some people are getting over the hurdle. Several doors may have been knocked, but the fact is that there are tested and easy to follow steps on what to do to get start-up capital to finance fresh idea or expand an existing business.
Before I share with you the interesting fact about where you can get a loan to finance your idea or business, I'll like you to know why many people find it difficult to raise money to start or continue in business:
Inadequate preparation: Many of us find it difficult to raise money to kick start our business because we do not plan ahead. A journey of a thousand miles begins with a simple step taken forward. It is much easier to accomplish the things you want when you have a well-thought-out and executed action plan. Be prudent in your spending and start saving a fractional part of your income now. Be involved in various saving option available. You need not be a victim of the adage that says a starter expends his first earnings on bread and cake. You need to be a prudent spender knowing well that they may not last forever.
Infeasible and non-tested idea: Having an idea is not enough; testing the idea's viability to know if the idea will work is the most important thing. Many have lost large sum of money by putting their life-savings on a business idea that careful evaluation would have shown had no prospect. Testing the ideas to find out their workability and profitability is necessary so as not to pour your hard-earned money into a project or business before you regrettably discover that the idea is a lame duck. You must obtain the right information before you venture into any business. No wise lender will like to throw his money into lagoon. Investing in a business that will not yield returns for the investors and the lenders is like throwing money into lagoon.
Inability to convince would-be lenders: Another pivot reason why many people find it difficult to get start-up capital is their inability to convince would-be lenders of their project viability. Even if you were surrounded by well to do men with financial muscles, none of them would like to commit a Kobo into your idea if the idea is not convincing enough. To convince your would-be lenders of your idea's viability, you need to know what lenders want to see and hear. This will later be discussed.
AB Micro Finance Bank
Most people believe that getting a loan in Nigeria without presenting a collateral or guarantor is not possible. However, I want to say congratulations to everyone in need of such offer or someone that has been suffering to get started in any business, but due to lack of fund, he or she has been stranded. The process of getting a loan in AB Micro-finance is so simple, because the bank is owned by a group of Germans that do not believe in protocols. All that you need is to walk into their office situated in 9, Oba Akran Avenue, Ikeja, Lagos and request for the details of how you can get a loan for your business.
The workers will simply bring out the form for the acquisition of the loan and you will fill it in under the assistance of the micro finance worker in charge.
Within the next 24 hours, a loan officer will be assigned to you to come to your shop or office and gather information like the type of business you do, your weekly or monthly income, etc.
Note that the banking network covers mainly the mainland of Lagos State. So, as regards your line of business you have to be smart to get a place around mainland as a contact place for your business and within a week after all the normal processes, your loan will be approved.
Some of the features of the bank are fastness and transparency, no hidden costs, no previous savings required. All you need is a running business. Their loans include AB Business Flexi, AB Business Plus, and AB Business Max.
I have also gathered that AB Micro Finance is part and parcel of international micro finance network with other shareholders such as Access Holding (Germany), African Development Bank, KFW (Germany), IFC (World Bank) and Impulse (Belgium). So, you can give it a try. Good luck!