Borrowing Money For Business

[Golden9]

Having a sufficient amount of funds is one of the keys things you should ensure in a business. However, it's not easy to generate such funds and you have to borrow money sometimes.

What should you watch out for when borrowing money for business?

 

[funkie]

Having a sufficient amount of funds is one of the keys things you should ensure in a business. However, it's not easy to generate such funds and you have to borrow money sometimes.

What should you watch out for when borrowing money for business?

I believe borrowing money to start a business is a very risky deal as in case of failure of the business, you would have to pay back from your own pocket. Instead of this, it is always better to start a business with your own money.

 

[Hate2Wait]

If we can manage money from our family and friend circle then it'll be better but if the money required is enormous then we need to get from bank and need to pay interest on that

 

[Niyi Briggs]

Anything that has to do with borrowing and debts for me. We can start with whatever we have and strategically grow it to the point that we desire it to be. I prefer slow and steady on business.

 

[Hate2Wait]

Although it's risky to start a business with borrowed funds but sometimes you don't have the option

 

[Enxx]

Borrowing money is what most successful business does. So to borrow money, then it means I want to expand the business. And if there is assurance that I will pay back the loan then I can go for the loan.

 

[Magnus2022]

I will better manage my fund that involving myself with borrowing money. I have unpleasant memories of debt. I better manage my life and work hard towards my goals.

 

[Hate2Wait]

They should borrow but shimmy look at the terms and rate of interest and try to repay as soon as they can

 

[cherry123]

They should borrow but shimmy look at the terms and rate of interest and try to repay as soon as they can

That's what debtors should know when they want to borrow. They need to know that there's always repayment duration and interest

 

[Hate2Wait]

Although its not a wise decision to keep borrowing money as it will put you at risk and you need to pay interest but many do take this risk

 

[Stardom22]

The thing I know is that starting a business with loan money can be very risky I must say. The new businesses mostly can't afford to pay the interest fees plus the loan amount so definitely the business is likely to collapse if the businesman does not have access to funds from external sources.

 

[Hate2Wait]

There are projects for which you can get money from the Government at lesser interest rates so you need to check if something like that is working in your country

 

[Niyi Briggs]

The thing I know is that starting a business with loan money can be very risky I must say. The new businesses mostly can't afford to pay the interest fees plus the loan amount so definitely the business is likely to collapse if the businesman does not have access to funds from external sources.

You just spoke my mind sir. A new business has so many challenges. It is not for loan money. Else you would be in trouble.

 

[eldavis]

Though there are persons who are okay with taking loan for their business, but for me i do not buy the idea of taking loan or borrowing as some would call it to carry out a business. The pressure is usually too much.

 

[Hate2Wait]

Majority of people do borrow funds for the business set up but they should borrow only if they are serious for the business

 

[cherry123]

Same here i don't buy the idea of taking loan or borrowing with all the high interest to carry out a business. The pressure is usually too much for me I don't like it at sll

 

[Hate2Wait]

I don't see any problem in that. Lot everyone can use their own money for the business so they only have the option to borrow money.

 

[Heatman]

Having a sufficient amount of funds is one of the keys things you should ensure in a business. However, it's not easy to generate such funds and you have to borrow money sometimes.

What should you watch out for when borrowing money for business?

I actually know a lot of people that are comfortable with borrowing loans from banks to support their business whenever they are in financial crisis but this is not something that I'll be willing to do.

 

[LoukiaCharilaou]

In my opinion, it is not wise to borrow money in order to start your business. I think that it is too risky. It would be better to use your own savings. for your business.

 

[Hate2Wait]

I actually know a lot of people that are comfortable with borrowing loans from banks to support their business whenever they are in financial crisis but this is not something that I'll be willing to do.

I think it's fine as long as we are confident about our business because we cannot arrange from our own if the capital requirements are too much