Loans for startups
September 25th, 2008Most financial institutions will hesistate to offer a loan for a startup business, especially if the borrower is a foreigner. They will usually ask for some collateral.
The business owner can contact the local bank or Chamber of Commerce for some advice. The local Chamber of Commerce will usually have all kinds of help available to those wishing to start-up a business.
It is better for the business to try raising some money from their own sources to put into the business. It shows the business owners commitment to the business and may become easier for a bank to lend money. Grants are available, but only cover 10% of business costs.