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?
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Mar 22, 2018
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.
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Feb 15, 2014
Hi Gilbert,
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
Good luck!
Mar 25, 2014
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!"
Jan 29, 2016
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/
Feb 27, 2014
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.
Feb 16, 2014
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.
May 30, 2020
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.
Jun 17, 2020
Hi Gilbert,
I can see yourself in the same situation where I was probably sometime back. Although I work based out of India and here are the details :
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Not very sure about the process in ghana but have you seen this, It might be helpful to you.
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Nov 5, 2014
There are multiple sources for funds; how much do you need and how soon do you need it?
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May 12, 2020
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.
Make Sure Expansion is Your Best Bet
Forecast the Cost of Expansion
Shore Up Your Business and Personal Credit
Determine Your Best Financing Sources
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