Do you give out loan to people who are starting a business?

[07Trinity]

Sometimes we meet people who seek financial help from us as they are about to start a business, most times they request for loans. Do you give out to them, especially now that they are just starting and you don't know how profitable the business would be?

As long as I can dash you the money,I can give it out, but if the reverse is the case,no Jupiter can convince me to lend money ever,I have learnt the hard way.

 

[Ellamma]

I might not like to give out loan to someone that's just starting a business. There are so many things to consider. What if the business doesn't work, what if the person does have good management skills and could not afford to pay back because of small profit she makes in the business

 

[Elladaddy]

At times I give out loans to people that is when I have it. But it is always sad when you give out loans and it takes ages for one to refund the fund.

 

[Skysaint]

Am not actually a big fan of taking loans for business startup and so I wouldn't advice anyone else to do the same as it comes with so many risks attached but if he insists then that's on him. Anyway, I don't think am financially stable to the point of giving out loans for now

 

[Adebayonle7]

No matter how profitable or not the business would be, i have made up my mind not to loan money to anyone due to previous experiences, i would prefer to dash out some amount of money rather than loans. i have a couple of bad debts on my list, same stories everyday. Such a person can get a salaried job, save from the salaries, then start small.

 

[Hrtbeat]

Yes I hv done that for a friend of mine. It depends on the person and the type of business he or she wants to set up. It must be a profitable business so the he may be able to refund the loan

 

[Shaffy]

I might give out if I have the means and the person has a sound plan and understanding of what he wants to do. Also if it's a reasonable sum, it won't be difficult to give it out.

 

[Seno inyang]

It's a bit difficult especially when I don't have enough money for myself let alone giving a loan to help a business grow. On the contrary, if I am financially buoyant then it's something I can do without giving the business owner a specific month(s) to pay back.

 

[kayode10]

I am not a financial institution so I don't give out loan to people to start a business. I can only help people out when they are in need and I am buoyant enough to render help.

 

[Kingstone]

I have been asking for help from a friend who we both served together. I wanted to invest in his online business because I know the site very well. He has over $1k in his account but the only thing he shows me is the balance.

 

[Good-Person]

I prefer getting into a partnership rather than giving out loans to someone. even though I usually avoid getting into partnerships and prefer conducting my own business, I would consider getting into a partnership if the partner is a really great and honest person.

 

[Skysaint]

I myself consider that as a risk so I wouldn't advise anyone to opt for taking loans for business startup but if they insist then I would be demanding for a collateral. Although am in no position to lend out money now

 

[Godspower]

Yes I can give out loans to intending entrepreneurs if I have the capital. The entrepreneur also has to show commitment that he will not default in payment and he may have to sign an agreement if necessary.

 

[Good-Person]

yes, money lending is a risky trade because you can lose you investment. Hoever, money lending can earn you a lot of interest. In my home country money lender charge upto 36 percent interest

It is good to hear that you help people despite not having much funds at hand. I also do the same when I do not have funds and I help people a lots of times. If I ever had a lots of money, I would have helped a lot.

 

[kayode10]

I am not buoyant enough to give out loans to people to start up a business. I can only support their business idea if it looks viable. Better still should go to the financial institution.

 

[Sotherefore]

Even though I do not have money to give out loan to people but people should try to understand that it is not really the best for them to depend on loan for any business they are thinking of starting, if you do not have the money that is necessary to start up a business then obviously you have not made an adequate preparation for the business.

 

[Skysaint]

Yes I can give out loans to intending entrepreneurs if I have the capital. The entrepreneur also has to show commitment that he will not default in payment and he may have to sign an agreement if necessary.

Yeah, most times signing an agreement is very necessary especially if the required startup capital you're willing to loan out is much. These days we can't just trust only verbal agreements

 

[Good-Person]

I would not say it a loan but I once lent some money to a friend who was trying to start a business. Thankfully, she made money and returned my money in 3 months.

It is quite risky to grant a business grant or loan to someone. And I think many people only grant a business grant or loan when they feel that the business will definitely become successful.

 

[Justin]

There is no risk in lending if the both parties have agreed to conditions. It is better if these conditions are in black and white and signed. The key is the agreeing to the terms

 

[YERUS]

Sometimes we meet people who seek financial help from us as they are about to start a business, most times they request for loans. Do you give out to them, especially now that they are just starting and you don't know how profitable the business would be?

No, i do not run a financial institution.
If i was in a place to grant loans to new business owners, i would consider a number of things like their capability to repay the loan and the feasibility of the business.