How to Raise Loan to Finance Your IT Business from Access Bank
Technology is the future of mankind. Those that have the information technologies skills have one thing in common: they always end up as an IT business owners.
It is unlikely to see IT experts to be without job, except for few that really don’t have their skins in the game.
So, those that want to start their own business but short of funds have little to worry about.
It is good to borrow money to finance a business, don’t be religious about it. It is called leverage.
However, there is a rule: cost of borrowing must not be greater than associated benefits.
This is a golden rule in finance, and it is applicable in all situations –except you run a non-profit making organization.
Scaling, sometimes if not all the times, requires some cash injection. Business people often needs such lifeline after they have been stretched financially.
If you must know, money has a characteristic that never change. it goes to where it is treated very well.
Successful businesses always leverage. That is, businesses that have scaled to become bellwethers started with some kind of leverage.
But you must do it right as an entrepreneur. How? You must strive to obtain good deals.
It is not all banks that would give you – loans as at when needed and at reasonable interest rate.
However, technology loan from Access Bank Plc can fuel your entrepreneurship desire.
Access Bank Technology Loan could be what you need to fuel your business ambitions and bring your designs to life.
Why this? This loan is for IT entrepreneurs and Access bank says you can access up to N20 million.
If you know what you are doing, you can join the Yaba Silicon Valley doing your thing with support from Access Bank.
The future is information technologies and related infrastructure.
Access Bank is willing, as part of its support for business communities, give you working capital loans to augment cash flow.
Under the bank asset financing program, you can use this to purchase tools and equipment to grow your IT business and expand it.
Who qualifies to take this loan?
If your business is duly registered with Corporate Affairs Commission and you have been operational for at least one year. You are qualify to access this loan.
Access Bank says for revolving credit, customer must demonstrate a need for the facility and is expected to utilize facility once availed.
What are the benefits of this loans?
Apart from the fact that it will help you to scale quick, the fixed asset finance is for up to 3 years. That means you have 36 months window to liquidate the loans.
Of course, a good business with repayment plan would not find that difficult.
MarketForces Survey team could tell you for free that it has competitive pricing and no hidden charges.
Before you hit road blocks, you can talk to the bank for financial advisory services. Again, you have option to pay back loan before expiration without penalty.
Access Bank Plc says that this lending covers a wide variety of assets/equipment including vehicles, generators, computers and other office equipment.
Gracefully, the bank is also giving you up to 90 days moratorium where installation of financed equipment is required.
Read Also: CBN Grants 9mobile Payment Service Bank License
To prove that you are serious about scaling, you would have to make your own equity contribution as low as 30%.
How to Raise Loan to Finance Your IT Business from Access Bank
