I am a Nigerian living in Lagos. The banks in my country can steal your idea if you approach them for funding. If they fund you, the interest rate/admin/processing fee is up to 21%pa, so you can’t compete. How do i access international funding for this project? The market for the project is awesome.
3 responses so far ↓
1 marketingexpert
Check out
The US Government Small Business Administration.
They arrange low interest loans for manufacturing all day long.
2 Studly
Forget the SBA, he’s talking about Nigeria.
First, send out several thousand E-mails to potential investors requesting money be sent to you. Don’t forget to tell them that you are from Nigeria, and be sure to ask for their banking information so you can properly transfer money to your account.
It’s very simple, we get thousands of Emails like this all the time, so it must be working.
3 Frank Castle
Banks don’t steal ideas they borrow money and charge interest.
If you want to ask a bank for $65,000 you need COLLATERAL (A Card, a house, property) in case you don’t pay they just take it and sell it and keep borrowing money to the next customer.
Banks don’t care what your idea is or how much money are you going to make. They just want their money back.
If your “very lucrative” manufacturing business cannot even pay the interests of the loan then you should not invest in that business.
Most banks don’t even ask you what you are going to do with the money.