Participate in contests to finance your future project is better

[saoussen5765]

Hello,
When it comes to get loan to start a project, I see a lot of people prefer participate in a contest where winners have their project financed by companies, and even non winners some companies that the project is seems profitable or pretty could finance the project, is better than getting loans.
This is because for bank loans you need a long procedure to get a loan for work and most of requests are rejcted.
When it comes to get loans from friends or family, most of them doesn't want the risk of investing their money in new projects as they want risk free.
Starting a project has a lot of risk with possible failures in the future.
Even when you participate in contests you will get new ideas from people and ideas that could be benefical to your project.

 

[Augusta]

Well if I am given the opportunity I will prefer to go into any contests for funding of my projects than taking out a loan.

One thing about funding from contest is that you might not need to refund the money. It might just be a giveaway to kick-start your desired project but with a loan it is a debt that you would need to pay back.

Again loan comes with interest which you would be expected to pay along side the principal money. So contest funding is way better if you want to have a stress free financial life than taking a loan.