Things to know before getting a loan in 2020

June 1, 2020
Things to know before getting a loan in 2020

This would mostly be due to the high prices of re-stocking goods and low levels of business patronage reported by small business owners this period. Other causes include the absence of government aid and the fact that business bills like taxes and internal revenue have not been adjusted to reflect the effect of the pandemic on the economy.

This is why a lot of business owners in Ghana might want to get a loan to ensure that they stay on top of these challenges and not go out of business soon, however, to get a loan you have to ensure you consider some important things.

The first thing is a business financial projection, this simply means that you need to know how much it costs you to run your business today and multiply that with the number of days left in the year to know how much you might really need. You might find out that you do not really have to take a loan if you stay lean and stick to your plans.

Secondly, you need to know about loan services in Ghana, it is advisable to consider favorable interest rates and repayment terms by first looking to borrow from family and friends and the market cooperatives (this could be Susu groups) before institutionalized lenders like Microfinance institutions.