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?
"Gilbert Darko" Thanks for your interest in the business loan. Here 7 Ways to Get Quality Business Loan. You can try this
Have you tried looking for investors? This is the best way to find money for business without taking on a debt. In case you don't have such people/companies, getting a loan is the only way out (my advice is never use your personal money for business). Here you can choose a proper one according to your needs, sum of money, credit score, etc. The amount of loan companies is great, but it is easy to find those near you (I used this site for search). Even if you don't get a loan from a bank, it is always possible to take out a title, personal, self-employed or high-risk loan.
I totally understand your viewpoint on loans. Yes there are loan sharks and they charge a high interest which is certainly not suitable for businesses that are just starting out. Have you tried pitching investors? They can come onboard and provide you with a good sum in exchange for a small stake in your firm.
If you are interested in this, you can come listen to my next podcast where I have Josh Caya as a guest. This guy is just incredible when it comes to guiding startups and businesses about on-boarding investors.
I have him as a guest on my next podcast. https://www.linkedin.com/posts/tekrevol_episode06-podcast-facebook-activity-6691075717075095552-xc-3
Time: 7.15 AM Pacific Standard Time - 22nd July 2020.
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Please do join in, you'll really find this helpful with your situation.
Their are lots of company, ready to give loand on the basis of your stats but you have to select right one as per your requirement you make a plan first, for what you want to take loan than search and compare some top loan providers and must read all the tearms and conditions, its very important and than select the company which suites you. i prefer ,icici bank becuase they offer lower interest rate and also they have to manny option in my country but i dont know about your country so you have to search for it.
The Lidya Finance firm provides financial assistance to individuals and legal entities, as well as companies ranging from 5000 euro to 1,000,000.00, euro or more at a very low interest rate as 3% interest yearly with repayment period of 5 years to maximum of 20 years.
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If you're thinking about expanding your current business by adding a retail location, expanding your product offering, or changing the direction of your business model that could mean your business is currently in great shape, both financially and with your customer base.
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Forecast the Cost of Expansion
Shore Up Your Business and Personal Credit
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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/
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/
There are multiple sources for funds; how much do you need and how soon do you need it?
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!"
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.
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.