When I Tried My First Business

When I first tried to take out a loan for my first business

#vusithembekwayo #marketing #value #keynotespeaker #shorts

[radkanhapulo]

This man is wild, I am glad I found him.

[sibongokuhlemfundo]

A bank is that place that assist you, when you dont need their help.

[TavongaStencilusDube]

The best thing you did Vusi, is to keep on looking for a loan and also believing in your business

[mohsinpanjwani]

The bank will never help you only use you when you’re worthy

[heydavis]

Same thing happened to me several times as a young man. Denied many times! I do not work with those same institutions now and I always let them know exactly why. Local banks use to make that leap of faith with people purely off of instinct for small business start up. Always look for a small local bank when you are starting out. Also, if you think you need 1 million, make your business plan more robust where it looks like you need 2 million and ask for 2 million. These banks also love to give you about 50-60% of your ask when you are a newbie. I truly hope this helps someone!

[edmundkombe]

Secondly Vusi you have grown in value since

[wamundilawamundila]

The bank is now asking you to be their wealth client. They rejected you when you needed their help to grow. Now they don't actually want you. They actually want your money so they can use it.

[karaleise]

I hold grudges, any bank who didn’t loan me the money I wouldn’t bank with them again.

[chestchirecateyes]

I loved how he said the bank had the temerity to call and ask him to be one of their clients. I hoped he turned them down flat!

[theminista]

When EFF says is a cardinal point in the economic freedom of black south Africans, we think they are mad

[AnthonyReid-dh]

My President my mentor my World, !!! Vusi Hope to be able to meet you in person before 2028!!!! Much love

[ArnoldTradesMMXM]

BANKS don't provide credit to start businesses, they provide credit to proven running businesses which must even have collateral, to expand their operations. They understand risk( which they must minimise), its that simple. Thats the only way they can preserve capital(essentially which is not theirs). Thats why Venture capital is available, to help startups[they take a high risk for a potential substantially high return], simple model too

[Andrew-pdey]

Measures put in place to protect people from loans they can't afford.
A bank benefits from ruining you with debt, they have no reason not to other than the government enforcing it upon them.
If a bank is refusing you a loan, then a sensible person would likely agree they wouldn't give you that money either.

[themastercreatorlimejuice]

Use them back! Even when you are rich, you need leverage!

[eseoraka]

As an Entrepreneur and a Consultant to Entrepreneurs, i always say, Banks should be the last option for start-up and early stage ventures

[NikkiAloa]

🌺💯💯💯… I think I had to realize…. By the time I get to where I’m going… you will need me… I won’t need u! And the upside is… it’s all me!

[robertweekley]

My "First Bank Loan" was $3, 800, towards buying my First "Large Purchase"... A Tandy TRS-80 Model III Computer! And the Interest rate was about where Credit Cards are, today! I payed that sucker off as fast as I could! 6-7 Months, or so!

Today, I prefer PLOC's - Personal Lines Of Credit, instead of Fixed Loans! More Flexible!

[godchaserzz]

The money at the bank is for depositors. It's not a grant. If it's given out unsecured and your venture failed, how do they pay depsitors when they come for their money? Tell them to wait till you succeed and pay them bk?

[hansaliya]

The same thing happened to me. When my business was new, all banks refused me for cc or even an OD. But then my business started growing and crossed INR. 1Cr. turnover, every bank manager was interested in me.

[damienbates]

Do we really want banks making high risk loans? Stats show most small businesses fail at a very high rate. Go to the people that are willing to take high risks for big rewards. The banks are not the place for that type of loan.