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General Starting a new business with loan?

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Danny

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Do you think that it's something wise to start a new business with bank loan? My brother wants to start a new business but his capital is not complete. What should he do?
 
If you can avoid it, I would advice towards that. I'm not freely comfortable with bank loans for starting a new business. You can get it to support an already existing business but not start a new one from the scratch.
 
As Maxwell said, if you can finance it yourself, it's better. But if you're confident in your idea and you're able to get a loan based on it, I would say go for it
 
Danny said:
Do you think that it's something wise to start a new business with bank loan? My brother wants to start a new business but his capital is not complete. What should he do?
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This comes from someone (me lol) who ran their own business for 20 years, I'm retired now and far better off than I was when working for myself. It's a dog-eat-dog world out there in the land of the self-employed. It's long hours, no holidays and at times things can dry up like a desert and then an unexpected flood can happen.

I would advise your brother to check and see if their are any grants available for start-ups. Right now is a difficult time for businesses as we are emerging from the recent Pandemic and with the cost of living crisis biting hard it may be difficult to get a business off the ground. So, opting for a bank loan may not be the wisest course for funding because if the business can't get off the ground the loan would still have to be repaid. It's a risky time at present to start up a business, the exception would be if it was a service that is currently undermanned and in demand.
 
No, it's not something that I would be interested in doing when it comes to getting the funds to start a business. I have always saved up my own money I have used to start all the business I have.
 

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