I took a loan to start a business and the money couldn't complete the bus. I can't go for extra money what do

I do to be able to pay my debtors since I have not even started the business. I could have taken more of the Loan but my salary with which they would deduct the said loan from was a constraint. Please advice me cos am worried. Thanks

businessmen need to be able to read and write well. Keep your day job, & pay back the money, soon.

Evidently your business plan underestimated the need for capital. One of your options is to keep your job, pay creditors and put as much into the business as possible until you can get it started properly. another option is the same except you give up trying to start the business. A third option is to try to locate investors who are willing to take an ownership interest in the business. Owner's equity does not have to be repaid. In any case, you have to keep paying creditors, so your salary is important and you should keep your job.

There is nothing wrong with postponing the start of your business and adding to what you already invested if your revised business plan indicates that this approach is best. The real question is "Is your business plan realistic?" Too often business plans are overly optimistic and result in what you are experiencing.

A small business loan is one of the most treasured commodities in the business world. It is still very hard to get despite the claims and promises of banks, credit unions, and other lending institutions that they want to help American small<!--business to survive and grow. In fact it sometimes seems that banks and other lenders want to see small businesses fail and only support those that survive the battle for customers, revenues, and finances during their first two years.

http://best-loans.awardspace.com/busines...

Getting a small business loan is most difficult during these first two years, when most businesses face a myriad of challenges involved with not only opening their doors, but hiring and training staff and meeting the demands of customers, clients-->suppliers and vendors. The main reason that the banks use for not granting many loans during this period is like the same reason that a student can鈥檛 get a job coming out of school. They don鈥檛 have the experience.