Be business smart and approach your search for finance with these 5 guidelines.
1. Be Prepared
If you want a bank or financing institution to assist you with start-up capital, you need to know what you are doing. This means you need to have a thorough and detailed understanding of what you are asking for so that others can be of help to you. People need details about your business idea to assess whether it will be a worthwhile investment for them.
2. Take your Business Plan
Even if you know what you’re talking about, having a written business plan will help others to see that you are serious about your business. Sometimes it can be difficult to explain what you want in a meeting and a business plan can ease the process.
3. Ask Questions
Don’t be afraid to ask questions. You need to understand the terms of agreement between you and the bank/lender/organisation, so that you know what is required of you. You need to be able to assess how you will pay back the loan and manage in the future.
4. Be Open and Honest
If a bank/institution/lender is going to invest in you, they need to feel that you are honest and trustworthy. Take an open, honest but serious approach towards them which suggests that you mean business.
5. Be Realistic but Optimistic
Be realistic about your prospects. No one gives money away for free. To secure finance you need to research every available opportunity and sometimes even re-examine your business plan. Securing finance is not easy and you need to approach it with a realist’s understanding but an optimist’s belief.
Muhiddin Hatibu Salehe
August 27, 2010
It sound good and clear but some people they don’t know how to present their ideas so would you please assist those people?
Africa Report
August 27, 2010
Hi Muhiddin
Keep checking the website for regular posts to get further information on how to present your ideas.
You can also click here to read our article on How to Write a Business Plan.
Africa Report
August 28, 2010
Hi Saeedy
Yes, you can definitely get more tips through your email.
Sign up for our newsletter on the homepage to receive bi-weekly updates.
kelvin kawina
September 3, 2010
need help to write a business plan? email me kelvinkawina@gmail.com or call me +260 977400655.
winnie kakunta
September 6, 2010
just got a job as micr finance. i need more links for credit/ finacial or any other support for our developing poor community. who do i talk to for the SMEs to get capital support, agri co operatives and HIV & Aids?
cell +260 977282507
Africa Report
September 6, 2010
Hi Winnie
It’s best for you to list your finance request on the Marketplace, our online space which connects entrepreneurs with investors. To list on the marketplace Signup here and fill in your information. Alternately you can look on our resource directory and contact SME development organisations directly.
All the best
Africa Report Team
September 27, 2010
Hi Ichulo
Keep up-to-date with helpful information by signing up to receive our Africa Report Newsletter. The sign-up button is on the homepage.
ATTIPOE- COFFIE SAMUEL
January 2, 2011
ahah, I must commend you. In fact you are doing a great job. But Kelvin lets get appoinment on face book and talk about mutual business . thanks
Africa Report Team
February 16, 2011
Hi Francis,
You can look for partners in our Directory and by placing a Marketplace advert on our website.
Here are instructions on How to Make a Marketplace Listing.
Africa Report Team