I need a loan to expand my business, where can I get one?
Here in Ghana, it is difficult and expensive to get a loan usually with a very high-interest rate. Can anyone give me advice and information on where I can get a loan of US $500,000 for a period of 5 years with a very moderate interest rate to expand my business of dog food production?
The Small Business Administration offers loan help to those who need it.
This should be your first stop when trying to get small business startup loans.
There are many benefits to obtaining help from the SBA. While the Small Business Association won’t provide you the loan themselves, they will help you obtain one through another lender.
The great thing about obtaining loans through the SBA is that you will get assistance to borrow. The SBA has partnerships with lenders.
This partnership gives the banks and lenders reassurance that their loan will be paid back in full. See more at https://priceithere.com/small-business-loans-prices/
I would have to assume that you have the business plan, revenue and leadership of your business team to qualify for this level of funding. Risk is the biggest consideration by any lender for a small business. Would it be possible to work with a smaller investment?
Given your current location you might consider crowdfunding platforms to raise captial for your business.
Take a look at www.communityleader.com, www.gofundme.com, www.indiegogo.com
It completely depends on your business needs. If you want to get a small business loan from banks, you shall give details about your credit score, the nature of the business, and capital information etc to the banks. It takes some time for approval of a business loan. If you require money immediately, there is also another option for you that is a small business lender. Because lending institutions are providing financing with less time. You can use this loan amount for your business.
Read more here https://merchcash.com/resources/post/business-loan/
I agree with Tara that crowd founding is the way to go. There are quite a few organizations that are in this sector.
However, since you're asking for a large amount of money, I'm not sure you'll be lent that much unless you can prove that you have a solid business plan. You may need to restructure your business so that your start-up costs are lower.
Sorry to say, but you are unlikely to get a bank loan until your business has a good track record of sales and profits. Remember the old saying "banks only lend money to people that don't need it!"
Gilbert, who do you sell to? If to large businesses for export, considering working with them on an equity basis. From my work in Ghana, I would agree it would be difficult and expensive to obtain bank financing.
There are multiple sources for funds; how much do you need and how soon do you need it?