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HOW AND WHERE TO RAISE FINANCE FOR YOUR SMALL TO MEDIUM SCALE BUSINESS IN NIGERIA.
Nowadays, securing project financing {loan} for a business
involves the use of little known, unusual and carefully planned method and
technique to raise, borrow or obtain funds.
Funding, whether organic and inorganic, is the single most
important factor required for the continued growth and development of a
business and at one stage or the other, an investor would be faced with the
challenge of securing loan for his/her business.
It is important first that we define the concept of loan.
Loan is the fund that an organization such as bank lends to a business for a
business start-up or expansion.
To apply for a loan means you are using Other People’s
Money {OPM} and to be successful with this method, the basic principle is that
you operate on the highest ethical standard of integrity, trust, loyalty and
consent. A dishonest man is not entitled to credit.
Banks are in business to loan money and the more money they
loan to honest borrowers, the more profit they make. The best time to obtain a
loan is when there is no much pressure for the need of the funds.
Some of the sources for loan include
1. Commercial
banks
2. Credit
Unions
3. Co-operative
society
4. Mortgage
banks
5. Insurance
companies
6. Pension
funds
7. Venture
capitalist
8. Private
lenders
9. Government
grants
Below are the different types of loans available
1. Signature
loan
2. Consigners
loan
3. Loan of
collateral security
4. Co-operative
loan
Signature Loan: This is a loan you get based on signing a
promissory note to repay the lender as at when due. You do not need to give
collateral to get a signature loan.
Cosigner Loan: You can also use a cosigner to secure a
loan. A cosigner is a living collateral with the lender. It is usually an agreement between the lender
and the consignee to provide collateral for the purpose of securing a loan. To
get a cosigner, the lender needs to convince the cosigner that you are a good
credit risk and the cosigner may demand a certain percent of the profit.
Loan of Collateral Security: A collateral loan is one in
which the borrower puts down an asset that would stand as the security for the
loan he/she is applying for. The types of collateral loan available includes
1. Paper
Collateral [ which includes stocks, bonds, certificate of deposits, any
contract with guarantee of payment and promissory notes]
2. Fixed
deposits in banks
3. A fixed
asset such as real estate and machinery
4. Rented
Collateral
5. Personal
property like boat, cars, airplanes, jewels etc.
Co-operative Loan: As the name implies, this is a loan
gotten from co-operative society. You need to be a member before you can access
loan facilities from co-operative bodies and they are usually given without
collateral.
If you desire to raise money by borrowing, you must know
how to prepare a winning package to borrow from any lender. If you want to
borrow your way to riches, you must study the technique of successful borrowing
of fund for investment. You must know how to prepare a winning package.
A package is simply a collection of documents providing
important details about a proposal loan. The content of the package depends on
whether the borrower is seeking for funds for expansion of an existing business
or for start-up.
If the borrower is borrowing to expand an already existing
business, below would be the content of the package
1. A loan
application letter stating how much you and the purpose of seeking for the fund
2. A profit
and loss statement account of the business for the past three {3} years
3. An
appraisal of your business / property
4. Description
of the assets of the company
5. Insurance
on the assets/ property if any
6. Deed, title
and mortgage information if any
If however the borrower is seeking for funds in order to
establish a new business, a sound business plan would be needed and below are
some of the contents of a sound business plan
1. Executive
summary
2. Market
analysis of the project
3. Financial
analysis of the project
4. SWOT
analysis of the project
5. Risk and
mitigation strategies of the project
6. Socio-
economic analysis of the project
Loan packages must be well prepared, detailed and not
cumbersome to understand. A winning package does not need to be bulky. It
should not be more than ten {10} pages in your first loan request to the
lender. Short packages are usually a winning package.
Do you know you can access to over 50 market intelligence reports and our monthly E- Magazine for 12 months for just N 5,000?
Click on the link below to know more about this offer.
At Foraminifera Market Research {www.foramfera.com}, we provide bespoke and up to date market research reports for beginners and on-going businesses in different sectors of the Nigerian economy.
Our reports are designed to assist start-ups to know the contact details of financiers and how to package a loan application.
You can order our detailed report on where and how to get loan from financiers in Nigeria by clicking on the link below.
Report Title: WHERE AND HOW TO GET LOAN FROM FINANCIERS IN NIGERIA. [FOR SMALL AND MEDIUM SCALE BUSINESSES]
Report Code: FORA/01/06/2012
Do
you require one- on- one consultancy on the subject matter? Contact us
with any of the details provided below to arrange a meeting
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Our human development training programmes are designed to assist our client set-up their respective business on a sound footing.
The
training cuts across different segment of the economy to include
Agriculture, Export and Import, Food and Beverage, Manufacturing, Mining
and Quarry, Oil and Gas, Retail Industry, Telecommunication, Tourism
and Transportation and are facilitated by seasoned professionals in
their respective fields.
Please do visit the link below to access available training programmes
Foraminifera
Market Research is a dynamic market intelligence company providing
comprehensive market research solutions and strategic intelligence
services to start-ups and existing businesses in Nigeria.
We
prepare business plan, feasibility study and market report for the
small and medium scale industries and develop the entrepreneurial
capacity of our client with the aim of providing the much needed
business data in Nigeria.
In
keeping with our vision of providing services that adds value to our
clients business and resources to develop their business into a strong
and visible global brand, we would like to introduce to you to our
sister websites
www.nigeriaoilandgasportal.com { The one stop for the oil and gas industry in Nigeria}
www.marketreportportal.com { Marketing and Sales of Market Intelligence Report}
www.nigeriabusinessplace.com {Online Business Forum}
