Applying for a business loan

[simon]

Hey guys

I am needing to apply for a business loan with my brother as we are looking to buy the internet cafe that I am managing. So I was hoping to get some help here. We are looking to apply for about R100 k (20k for the business name and 80 to buy equipment and other assets). I have been manager here for the past year and have been working here for 4 years so I do know the business pretty well.
So what are the best places to go to and what do I need to do before I go and see about applying for it.
I live in Cape Town.
I was thinking of going to Capitech, but apparently the banks are more expensive then the various business financing institutions.
What suggestions can you offer me.
Thanks guys

[Ike_009]

Small unsecured payday loans are gonna be the next mortgage bubble crash that will destroy banks and countless individuals. Plus since it's unsecured your gonna pay a fortune in interest.

Somebody please report this as spam for me

[Avatar]

Small unsecured payday loans are gonna be the next mortgage bubble crash that will destroy banks and countless individuals. Plus since it's unsecured your gonna pay a fortune in interest.

Somebody please report this as spam for me

Why did't you?

[DieGrootHammer]

Reported as spam

[Ike_009]

I'm using tapatalk, doesn't have that option yet.

[HavocXphere]

Small unsecured payday loans are gonna be the next mortgage bubble crash that will destroy banks and countless individuals. Plus since it's unsecured your gonna pay a fortune in interest.

Somebody please report this as spam for me

bru you didn't read the thread...or even title. Title says business loan & he wants to buy a business. No mention of payday loans...

Hey guys

I am needing to apply for a business loan with my brother as we are looking to buy the internet cafe that I am managing. So I was hoping to get some help here. We are looking to apply for about R100 k (20k for the business name and 80 to buy equipment and other assets). I have been manager here for the past year and have been working here for 4 years so I do know the business pretty well.
So what are the best places to go to and what do I need to do before I go and see about applying for it.
I live in Cape Town.
I was thinking of going to Capitech, but apparently the banks are more expensive then the various business financing institutions.
What suggestions can you offer me.
Thanks guys

You'll need collateral / someone signing surety. You've got ZERO chance of getting a commercial loan without that. Meaning that if this thing tanks then it'll likely take down whoever signed the surety too unless that person can absorb a ~100k hit. Thats just the way it works.

As for who...approach them all and see who has the best rate.

Are you sure this thing is solid? Internet cafes strike me as a dying industry tbh.

[Ike_009]

Damn now I wish I had quoted the original post since it has changed, very confused right now.

[HavocXphere]

Damn now I wish I had quoted the original post since it has changed, very confused right now.

Maybe. I somehow doubt a poster with 2k posts is spamming payday loans though.

I call on mods to check edit history & issue a verdict.

Besides thread title can't be changed by OP though, only OP post title.

[DieGrootHammer]

Maybe. I somehow doubt a poster with 2k posts is spamming payday loans though.

I call on mods to check edit history & issue a verdict.

Besides thread title can't be changed by OP though, only OP post title.

So what happened is this one post wonder necroed this thread and posted spam links in his reply. So he was reported and probably deleted

[Ike_009]

OP date can't be changed either, there is no way I necroed a 2 year old thread with that post. The spam post was deleted and now I'm left getting the flak for it, awesome