|Author: Purna Prasad Sharma 29 Jul 2016 Member Level: Silver Points : 1 (Rs 1) Voting Score: 0|
You need fund to start up your own business.Then apply for PMEGP loan,they not only provides at lower rates but also provides you a moratorium period for the at the beginning for sometimes or until your business gets run.And no interest will be charged for that period.To know more go with the following link
|Author: Mahesh 29 Jul 2016 Member Level: Gold Points : 4 (Rs 4) Voting Score: 0|
Your question of failing shows that your idea is not validated with real world test. So you need to make sure your idea of business has partially tested. And based on that you have to ask for the funds. In case of untested ideas for business, the funds are supposed to be taken from the parents, friends or the known people who you can pay back without any specific interest.
Incubators and VC money is usually given on specific time period. In case if your idea or business fails, then they sign documentation with you on how you wish to return the money. And that part is taken care of during the sign up of the financial agreement.
Almost every incubator these days wants their money back and only angel investors take the shares or percentage of profit returns. So you have no option in such case and have to sign up agreement and get the money back to them.
In case of India, we have some of the schemes such as "make in India" scheme. Apart from this startup scheme, your idea can be eligible for the industry specific loans too. You have to check that with some of the startup helping incubators as they can guide you on that too.
Banks too can offer loans to the startup based on the ideation. And the returns of funding can have low or no interest. This happens if the bank is accepting certain process for the startup and not all startups qualify for such.
You can make use of the government schemes to get 2 Lakh of funding. Most of the VCs and Incubators too can provide this amount. As this amount is very small, your best option is to show the prototype of your business plan and have a presentation for your idea. If you can show the projection of how you're returning the money, then that adds some benefit to your pitch.
|Author: Venkiteswaran. 30 Jul 2016 Member Level: Diamond Points : 2 (Rs 2) Voting Score: 0|
Two lakhs can be raised easily.
"What if ........my startup fails?". This shows lack of self confidence in your own venture. That is the first cause of failure. First be convinced yourself about the success and feasibility and economic viability of your business. If you are yourselves not confident, how can you convince any prospective supporter or lender?
Make a good project report about your business. Establish and show how profit can e made or how it will be useful to people. What will it benefit, time ,space, convenience , cost, comfort etc.
If that can be done you can approach even the local bank also.
But in many states they encourage start ups, and have special zones for incubators and start ups. Funds are also provided either by state or some other promoters. There are schemes in banks and government to give loans without any collateral security also.
Even you convince your friends and well wishers and get financial support. Your project should factor everything including financial investment and financial returns.
|Author: Sheo Shankar Jha 30 Jul 2016 Member Level: Gold Points : 3 (Rs 3) Voting Score: 0|
First of all come out of the negativity and frustration with which you are engrossed at this moment. If you have a sound planning regarding the set up of any business, you may expect help from different quarters such your group of friends, the banks of your locality and even the state Governments have funds to promote the youths for initiating any Bussiness.
You need to make a detailed project - report indicating the details like the nature of business, raw material required for the purpose, procurement and strength of labours, where the end products to be marketed and above all the approx amount of resources required to execute the project.
With all such details, you may approach the authorities of the Local Nationlised Bank and initiate discussion with them. In case, they are convinced with your project, there would immediate sanction of the loan to the extent of 50 percent and the remaining amount is to be sanctioned in instalments depending upon the progress of the work. However, the rate of interest for the sanctioned loan is quite reasonable in comparasion to other sources.
You may also contact the officials of the industries of state government for seeking any technical - assistance.