For me l can say that of all the business that l attempted using the loans did not make it to the goals. That because one works under pressure on repaying higher amount of money than the much you received to start the business. So the loans kept on consuming the business profits and at times eating up the capital which results into a bad ending.
Would you say that loans helped you start that business?
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eLdavis
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I have not used loans to start a business before, but I know a lot of people who make use of loan for business startup.
I do not own a business. If I want to start one, I may use a portion of my savings and then apply for government loans. The interest rate is much lower than that offered by banks. Of course, you have to meet with certain requirements to apply for government loan.
I can say for sure that one that when I tried to use loans to build my business, I struggled greatly.
Loans are not good sources for business capitals and l can say that one should avoid it at all costs
