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What is the best place to go for a person with no assets to secure a loan?
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Posted 4 weeks ago
It is very hard to secure a loan without assets. There are, however, a few exceptions:
Venture capitalists would be willing to take a risk if the business plan indicates a very profitable enterprise. You could be expected to give up some of the ownership in your business in exchange for a loan.
There are groups named angel investors that could be approached, and their requirements may differ from person to person.
Most banks say that they are able to help start-up businesses, and may be willing to advance 25% of the total value of one’s debtor’s book as a loan. Again, the requirements could differ from case to case and from bank to bank.
Another option that banks sometimes excercise, is to advance a loan against the owner’s contribution to the businesess. As an example, if the owner(s) invested R 100k of their own money over time, the bank could decide to lend a specified amount to the business.
If you are in Gauteng, contact us on info@skopus.co.za for a consultation and guidance.