For any start-up idea to move from the idea stage to realization, it requires a lot of resources, and one thing that can quickly take a great idea from a hobby to a full-blown business is money. Unfortunately, raising funds, particularly, getting a loan for a startup can be an ordeal for anyone, especially Nigerians. Jumia Travel, Africa’s No.1 online hotel booking site shares 4 ways Nigerian founders can boost their chances for start-up loans.
Ensure your personal capital is substantial
It may come as a surprise, but lenders actually want to see that you have some “skin in the game” before they can consider your application or request. For instance, some banks will typically want you to have at least a 20% down payment on a conventional loan for a new business.