You Need A Start-Up Loan?
Right, you have got a great idea for a business and all you need is a bit of capital to get it up and running
. The only problem is that no one seems to want to lend it to you. Since the global financial crisis most of the major banks have become very careful when it comes to giving out loans, and even before that as a start-up business, the criteria were far more stringent and difficult to meet than for other loans, such as a mortgage.
Small business loans shouldn't be that difficult to obtain, the reality is that often there is not that much risk to the bank and even if they do lose out sometimes, in the aggregate they will still win. The crazy thing is that often you are stuck in a Catch 22 situation where you need to have collateral or access to money to get the loan, when the reality is that if you had access to this, you probably wouldn't need the loan in the first place. Likewise, one of the criteria for getting a loan is often that you have business experience, which you might not be able to get unless you had a loan so you could run your own business.
Don't get disheartened though, if your idea is good enough and you have developed a solid business plan that is realistic, then eventually you will get the money. Because India is going through such a massive developmental phase, there will always be financing out there, you just have to search for it.
What you want to do is make your business appear so desirable that you have financiers scrambling to give you a loan. This is where it helps to have a mentor who you can talk to, someone who has worked in a similar area who can help you polish your proposal so that others can see the worth you do. Because you know your idea so intimately, you assume others can see the worth as easily as you. You cannot assume this, rather, you need to put yourself in their shoes and imagine that they spend all day talking to people wanting money and they end up being extremely sceptical about most of the ventures.
You Need A Start-Up Loan?
By: Kushwaha Singh
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