Can new businesses take loans?

[Ushie John]

Taking a loan to start a business is not a good idea, you can only take loan to fund an existing business, that is to say U have already gained ground on the business you re going into, other wise u might not be able to repay back the loan or end up encuring more debts for yourself. A good source of income for business is, grant, personal savings, inherited saving or finance etc

[Nnanke Ofem]

Yes and No!
Yes, if you can pay back when due, and you feel you have good business ideas and executions that can yeild …….
And No if otherwise!!
I understand that people have this optimistic nature when it comes to business. Everyone thinks of success alone, ignoring failure….but for us to really succeed, you must equally think of how to handle the failures paradventure they occur.
To me, have a part of your capital first, before thinking of or adding loan to the capital for more yeilds!.
Thank you

[Akampurira Susan]

I don’t recommend it; simply because someone isn’t even sure about the business’ survival.I recommend other sources of fundraising for a starter other than loans.
However, if someone is to do it, he/she must have calculated well about taking such a risk and how to recover it in case things don’t go as planned.

[JUSTUS NJUKI]

Yes you can take loan to start a business as long as you plans are well thought of.Why am I saying this?1.To qualify for a loarn,a Number of things are considered lenders.The most important of all is your capability to repay the loan.2.You are only starting a business. This does not mean you will solely depend on that business to repay the loan.You could be expanding your investment.3.Planning. Loan is never a priority in business. You must have had a well thought of idea that you are actualizing. You are sure it’s not a trial thing.
ConclusionRight minds have nothing to worry .They can take that loan and do amazing job.